SpaceX IPO underpricing left $16.7 billion on the table as AI capex hit $7.7 billion in Q1

SpaceX’s IPO was heavily underpriced, leaving a $16.7 billion funding shortfall that the article says adds to pressure from surging spending on its AI business, including $7.7 billion of capex in Q1. The company ended Q1 with $24 billion in cash and, including IPO proceeds, had less than $50 billion available, which the article argues could be depleted in under a year. It says that dynamic could push SpaceX toward frequent equity issuance, raising dilution risk even as its valuation climbed to $2.44 trillion.