The SEC doesn’t care about hype.

When SpaceX filed its S-1, the SEC required them to disclose everything. Revenue. Costs. Risks.

And one number jumps off the page:

Power consumption.

Running 1 million GPUs burns more electricity than most cities. It’s the single largest operating expense. And the SEC requires it to be disclosed — in detail.

Now that SPCX is trading, thousands of analysts are combing those disclosures line by line — tracing the supply chain, hunting for the company that builds the equipment.

A $1.5 billion backlog. A stock priced like a sleepy utility. And a catalyst that just went live on the Nasdaq at a $2 trillion valuation.

You can wait for Wall Street to connect the dots — or you can get the name now.

Dylan Jovine has the full breakdown.

See the stock the S-1 revealed >>

“The Buck Stops Here,”
Kelly Maguire
Behind the Markets