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[Updated] Insider reveals possible SpaceX IPO, Tesla shareholders will reportedly have early access

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SpaceX is preparing to IPO this year, according to a leaked report posted to a trading forum and tipped off to Teslarati. A user by the name of Jushuatree provides very specific detail in what will likely be the most anticipated and talked about IPO in the last decade.

Updated: SpaceX President Gwynne Shotwell issued a statement confirming that there are no plans for a SpaceX initial public offering, contrary to Empire Capital’s original communication to its investors.

Updated: Teslarati was able to connect with Empire Capital Partners via phone call and speak to a representative in regards to the reported email sent by the firm. Empire Capital Partners confirmed the email, however also qualified it by saying they were reaching out to clients floating the idea of a SpaceX IPO in an attempt to gather more interest from clients in Tesla, Inc. They do not have any evidence of SpaceX preparing for an IPO, and they believed the best way to gain potential early interest is through an investment in Tesla.

The post reveals that Empire Capital Partners, a hedge fund focused on the technology sector, is soliciting interest in a pre-IPO for SpaceX and telling investors that the company has positioned a large stake in Tesla. Reportedly, Tesla investors will have exclusive early access to buy into the “Biggest opportunity of the decade” as soon as the initial public offering is released.

While news of a SpaceX IPO will likely trigger mass interest from institutional investors and Tesla shareholders, it’s important to note that a long process awaits before the Elon Musk-backed space company goes public. SpaceX has not yet filed an S-1 filing with the U.S. Securities and Exchange Commission which can take upwards of 30 days to review, not including any time required for additional amendments made to the filing. The S-1 filing allows the company to submit financial information to the SEC ahead of launching on the public markets. Companies looking to make an initial public offering then proceed with a “roadshow” to convince institutional investors to invest in the company. After that, the company would set the pricing of the IPO and begin the offering.

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[Update: Empire Capital Partners, in fact, has no relation with a hedge fund run by Scott Fine and Peter Richards. The compay’s official entity is Empire Capital GP, LLC]

Empire Capital Partners is a global asset manager, based in Connecticut, with $1.13B in assets and was founded in 2005. ECP was founded by Scott A. Fine and Peter J. Richards, and they have participated in several large IPOs including Box, Square, Twitter, Fitbit, and Esty. The company lists SpaceX as a partner on their website and a featured investment that is “live” to their customers.

According to the insider note posted to Sharetrader, ECP has a “10-year history of substantial financial investment” with SpaceX. The note indicates that the hedge fund has been working on the deal for the past 18-months and looking forward to presenting “the biggest pre-IPO opportunity of 2017, maybe even the decade” to its investors.

“Empire Capital Partners is proud to present to you, the fantastic opportunity, in which you are able to take full advantage by getting involved at the ground level. This is sure to be the biggest pre-IPO opportunity of 2017, maybe even the decade. SpaceX is the brainchild of Elon Musk, a highly undervalued company founded in 2002. SpaceX raised $1 billion from Google Inc. and Fidelity Ventures in January 2015. This investment accounts for less than 10% of the company’s estimated value, conservatively between $10 and $12 Billion US Dollars.” reads the email sent to Joshuatree.

SpaceX will list on the NYSE, while Tesla is listed on the NASDAQ. Tesla’s IPO in 2010 went for $17 per share and raised over $226M. Tesla has since raised several billion dollars from the public markets since, including $1.4B in March this year, and continues to see strong demand from investors.

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Musk stated in 2015 that a SpaceX IPO would be unlikely in the future, stating, “It will go public once we have regular flights to Mars.” Since then, Musk has seen incredible success in the public markets. Tesla continues to set record highs and currently worth over $51B, becoming one of the largest automakers in the world. Additionally, the overall conditions in the market are at near all-time highs – a prime condition for a SpaceX IPO.

SpaceX was founded in 2002 by Elon Musk and has since risen to become a multi-billion dollar company with over 5,000 employees. The company has completed dozens of flights over the past couple of years and landed several lucrative contracts with NASA, The Department of Defense, SES, and Iridium. Outside of SpaceX’s current operations, Musk has even larger plans for the company. Musk revealed in June 2016 that SpaceX intends to build a rocket capable of reaching Mars and transporting large masses of people. Called, Interplanetary Transport System (ITS), SpaceX is looking to build a 40-story tall re-useable rocket capable of carrying hundreds of people to the red planet. The company has lofty goals to start testing the ITS rocket after 2020 but requires significant funding for the program. At its inception, Elon Musk injected roughly $100M in capital into the company.

We’ve provided a copy of the original e-mail tipped off to Teslarati and reportedly sent by Empire Capital Partners to its clients.

We are currently positioning the bulk of our clients into ‘Tesla Motors Inc.’ a company trading on the NASDAQ in New York under the trading symbol ‘TSLA.’ The company has an ancillary company preparing for a formal listing in the New York Stock Exchange, as an IPO (Initial Public Offering) called SPACE X. The reason we are putting all our preferred clients into TESLA; is what we know. Not only is TESLA going to show solid gains in the short term – yielding clients anywhere upwards of 20%. We have insight that the SPACE X IPO will be the most lucrative, and sought after IPO of 2017! Elon Musk, the founder of PayPal, and CEO of Tesla, Solar City and Space X has announced – the existing shareholders of Tesla will have exclusive option to buy into the Initial Public Offering of Space X as soon as they are released. Elon Musk likes to take care of his own. We have bought an institutional position in TESLA and are using the shares that we have acquired to bring new clients on board at a discount, in order to show them how Empire Capital Partners can deliver in 2017. Our goal is simple. We want to show you the power of information and get you involved in the Space X IPO. The minimum investment into TESLA is $10,000.00 USD and that would allow you to take advantage of the Initial Public Offering of SPACE X once it is announced. You can find additional information about TESLA at http://www.tesla.com

Empire Capital Partners has, with SpaceX, a 10 year history of substantial financial investment. We have spent the last 18 months in analytical research having crossed all the T’s and dotted all the I’s.

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Empire Capital Partners is proud to present to you, the fantastic opportunity, in which you are able to take full advantage by getting involved at the ground level. This is sure to be the biggest pre-IPO opportunity of 2017, maybe even the decade. SpaceX is the brainchild of Elon Musk, a highly undervalued company founded in 2002. SpaceX raised $1 billion from Google Inc. and Fidelity Ventures in January 2015. This investment accounts for less than 10% of the company’s estimated value, conservatively between $10 and $12 Billion US Dollars.

Although SpaceX is known by the general public for its work on reusable rockets, the well-known giant Google has other interests Google’s interest peaked with Musk’s recent announcement when he outlined a plan for a global communications system that would use satellites to beam low-cost internet around the world.

Elon exclaimed, “Larger than anything that has been talked about to date,” He added, “at least five years and $15 billion to build and will implement 700 tiny satellites 750 miles above the Earth.” Google has long had similar ambitions itself by spreading internet around the world, including to remote regions. Google would then boost the number of people who have access to its services and of course all the extra revenue that comes with it! SpaceX points out that two thirds of the world have no access at all. It’s why we’re so focused on new technologies. New technologies that have the potential to bring hundreds of millions more people online in the coming years.”

Facebook and Google have already been working with balloons and drones trying to figure out how to spread Internet access. The internet space race is on! With Google heavily investing such large amounts into SpaceX, TALK ABOUT A WINNING COMBINATION! GOOGLE AND ELON MUSK! Now might be the time to sell those Facebook shares and back SpaceX by investing into the only clear winner of that race.

Even combining Google and SpaceX’s achievements and technologies, there are still a lot of big questions and challenges around how Musk’s satellite vision will work. Another big challenge would be installing ground-based antennas and computer terminals to receive the satellite signals. One thing that you can count on, the sure fire bet!

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IF ELON MUSK PUTS HIS MIND AND MONEY INTO IT. IT WILL HAPPEN!

Fidelity invested in SpaceX in January 2015, putting up $16.75 million to join Google in a $1Billion investment. Fidelity now values its SpaceX stake at $19.25 million, a 15% increase. SpaceX said the two new additional investors owned just under 10% of the company. Google put the vast majority of cash into SpaceX’s billion-dollar financing round — $900 million for a 7.5% stake in the company. That implies SpaceX’s new valuation is $12 billion and puts the company ahead of companies like Dropbox, Snapchat and Airbnb, but behind Xiaomi, Uber and Palantir.

As a private company, SpaceX’s financials are fairly opaque, it has booked as much as $7 billion in future revenue from 60 commercial launch bookings over the next several years, and last year won a $2.6 billion contract to build the Dragon 2 and transport astronauts to the International Space Station. It also is bidding for a second contract to ferry cargo to the International Space Station (ISS), which is expected to be worth hundreds of millions of dollars.

SpaceX now ranks fourth on The Wall Street Journal’s list of billion-dollar private companies, securing an easy $12 Billion valuation.

SpaceX’s value exceeds that of rivals. United Launch Alliance, a key SpaceX competitor in the US, is reportedly the subject of a $2 billion takeover bid by the space firm Aerojet. But ULA has older technology and less commercial business than SpaceX. Arianespace, the European private launch contractor, was valued between $340 and $640 million as France prepared to sell its stake in the firm this summer, but it does not manufacture its own rockets.

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Christian Prenzler is currently the VP of Business Development at Teslarati, leading strategic partnerships, content development, email newsletters, and subscription programs. Additionally, Christian thoroughly enjoys investigating pivotal moments in the emerging mobility sector and sharing these stories with Teslarati's readers. He has been closely following and writing on Tesla and disruptive technology for over seven years. You can contact Christian here: christian@teslarati.com

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Investor's Corner

LIVE BLOG: Tesla (TSLA) Q2 2025 earnings call updates

The following are live updates from Tesla’s Q2 2025 earnings call.

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Credit: Tesla

Tesla’s (NASDAQ:TSLA) earnings call comes on the heels of the company’s Q2 2025 update letter, which was released after the closing bell on July 23, 2025.

Tesla’s Q1 2025 Results: 

Total Revenues: $22.5 billion

Total automotive revenues: $16.7 billion

Total GAAP gross margin: 17.2%

Gross Profit: $3.88 billion

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EPS non-GAAP: $0.40 per share

The following are live updates from Tesla’s Q2 2025 earnings call. I will be updating this article in real time, so please keep refreshing the page to view the latest updates on this story.

16:22 CT – Good day to everyone, and welcome to another Tesla earnings call live blog. Tesla had a pretty big quarter, and while the company’s vehicle deliveries are still down year-over-year, the Robotaxi pilot has been launched in Austin.

Now to see if this earnings call starts on time. Interestingly enough, the EV maker has not posted a link to its Q2 2025 earnings call livestream on its official @Tesla X account yet.

16:26 CT – The earnings call’s livestream on YouTube, however, is up:

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16:28 CT – I wonder which Elon we will get on today’s earnings call? Will be get super locked-in Elon, serious Elon, or lighthearted Elon? Whichever Elon we get, TSLA stock will probably show some reaction in after-hours trading.

16:30 CT – Travis Axelrod of Tesla’s Investor Relations team opens the call. He states that Tesla CEO Elon Musk and other executives are present. And, here’s Elon’s opening remarks.

16:33 CT – Elon opens with the launch of Tesla’s Robotaxi service in Austin, which has gotten “bigger and longer” over the past few weeks. He stated that the service area for Robotaxi services in Austin will get even bigger and longer soon. He mentions the Robotaxi service’s expansion to the Bay Area, Arizona, and Florida in the coming months.

“I think we’ll have Robotaxi in half the population of the US by the end of the year?” Musk said, highlighting that this is subject to regulatory approval. He added that Tesla is expanding its Robotaxi service cautiously.

16:35 CT – Elon noted that the Model Y became the best-selling car in several countries in n Türkiye, Netherlands, Switzerland and Austria in June. This was despite the Model Y selling in these countries without its killer feature–FSD. Despite the regulatory challenges, Elon noted that Tesla will get these approvals, and he is hoping that some areas in Europe should experience FSD in the coming months. “It really is the single biggest demand driver,” Musk said.

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16:37 CT – Elon also mentioned the launch of the Tesla Diner. “This is a very special diner,” Musk said, stating that the facility is a “shining beacon of hope.” He joked that it is rare that a diner makes the news, but the newly launched restaurant is quite something.

On the other hand, Elon noted that Tesla is making significant improvements to its FSD software, and that the company could probably 10X the parameter count from what users are currently experiencing.

16:43 CT – The CEO also highlghted the growth of Tesla Energy, which he noted was a “really big deal.” As for Optimus, Musk stated that the humanoid robot is in its current second generation. Its third generation will be “exquisite,” the CEO noted.

“Tesla is by far the best in the world in real-world AI,” Musk said. He threw some shade at Waymo as well, stating that while Google is good at AI, the tech giant is not as good in real-world AI applications. All those years producing and designing cars matter.

“Tesla has the highest intelligence density in AI so far,” Musk said. “Intelligence density will be a very big deal in the future.”

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16:46 CT – Musk stated that Tesla will probably see prototypes of Optimus Version 3 this year, and scale production next year. Tesla will be ramping these initiatives as fast as possible, considering the company’s aspirations to produce millions of Optimus robots per year. Musk believes that a rate of 1 million Optimus robots per year is feasible within five years.

“We’re not always on time, but we get it done,” Musk said, referencing the company’s tendency to make the impossible feel late. He also reiterated the idea that Tesla can be the omst valuable company in the world if it executes very well.

16:50 CT – Tesla CFO Vaibhav Taneja mentioned the company’s milestone of delivering a car autonomously to a customer for the first time in Q2. He also mentioned the effects of the Trump administration’s regulatory changes for electric vehicles.

He mentioned that Tesla is seeing more test drives, and the company did start the production of more affordable cars in the first half of the year, with volume production planned for the second half of the year.

16:55 CT – Investor questions begin with an inquiry about Tesla Robotaxis. Tesla noted that it expects to 10X its current operation in the coming months. The Bay Area is next, and Tesla is looking to expeedite the service’s approval.

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As for technical and regulatory hurdles for Unsupervised FSD, Elon Musk stated that he believes the feature should be available in a number of cities by the end of the year. Tesla, however, is being extremely paranoid about safety, so Unsupervised FSD’s rollout will be very, very cautious. Also, Tesla vehicles from Fremont could deliver themselves to customers autonomously by the end of the year.

16:58 CT – A question about Optimus was asked. Elon noted that Optimus V3 is the right design for the humanoid robot, since it has all the degrees of freedom necessary to ensure that it can do tasks very well. He also set expectations on Optimus’ ramp.

“If we are not making 100,000 OPtimus robots per month in 60 months, I will be shocked,” Musk said.

Another question was asked about Tesla’s affordable model. Tesla noted that production did start in the first half of 2025, and a ramp is expected in the remaining months of the year. As for Tesla investing in xAI, the CFO noted that this earnings call is not the right venue to discuss such matters.

17:07 CT – Elon Musk admitted that he is creating another Master Plan. He reiterated the idea that the future of Tesla is exciting, and the company has the potential to change the world.

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An investor question about HW3 vehicle was asked. Tesla noted that it is focused on rolling out Unsupervised FSD to HW4 cars first, then go back to see what can be done with HW3 cars.

As for how the Trump administration’s regulations could affect Megapack sales, Tesla noted that it still believes solar and battery projects should still see growth. “We’re forecasting a very strong second half of the year,” the company noted. Tesla is expected to launch its third Megafactory in Houston next year.

17:11 CT – Analyst questions begin. The analyst asks if Tesla could share KPIs on Tesla’s Robotaxi rollout. Tesla noted that it only has a handful of vehicles for now, but the company has more than 7,000 driverless miles in Austin so far. Elon also emphasized that the Robotaxi service is designed for maximum comfort and safety, and that the Cybercab is designed to be optimal when it comes to cost. “Cost per mile for the Cybercab will be little,” Musk said.

“Tesla Roboatxi fleet will go from tiny to gigantic in probably a very short period of time,” Musk added.

17:15 CT – Adam Jonas of Morgan Stanley asked if Elon is comfortable with having just 13% control of Tesla. Elon Musk admitted that this is a major concern for him, and he is hoping that the topic could be discsused in the upcoming annual shareholder meeting.

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Elon joked that he wants to have enough control in Tesla that he cannot be ousted by activist investors, but not tool large that he cannot be removed, just in case he goes crazy. He reiterated the idea that he would be joined by several Optimus robots onstage at the upcoming annual shareholder meeting.

17:21 CT – Barclays asks Elon about the idea of putting non-Tesla vehicles being put in the Robotaxi network. Elon admitted that Tesla has really not thought about it much, though the company is extremetly focused on safety.

Goldman Sachs asked if Tesla could comment on FSD subscription trends. Tesla noted that since FSD V12 was launched in North America, there has been a notable improvement in consumer adoption. When asked if more price adjustments for FSD should be expected, Elon noted that Tesla is in a transition period in the United States. He admitted that Tesla could have a few rough quarters, but once autonomy is at scale, he would be surprised if Tesla’s economics are not compelling.

17:29 CT – Truist asked about Tesla’s more affordable models and any updates on what it would look like. Elon Musk joked that it would just look like the Model Y. He also noted that people desire Teslas, but the cars are still not affordable enough.

When asked about xAI and Tesla, Elon Musk explained that the two companies are very different. He noted that there are also some people that like to work in xAI but not Tesla, and vice versa. Would they like to work on superintelligence, or real-world AI? Both are compelling endeavors.

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17:30 CT – And that wraps up Tesla’s second quarter 2025 earnings call! Thank you so much for following along as we covered this event. Until the next time!

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Investor's Corner

Tesla (TSLA) Q2 2025 earnings results

Tesla posted total revenues of $22.496 billion and non-GAAP EPS of $0.40 per share.

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Credit: Tesla

Tesla (NASDAQ:TSLA) has released its Q2 2025 earnings results in an update letter. The document was posted on the electric vehicle maker’s official Investor Relations website after markets closed today, July 23, 2025. 

Tesla’s Q2 earnings come on the heels of a quarter where the company produced over 410,000 vehicles, delivered over 384,000 vehicles, and deployed 9.6 GWh of energy storage products. The second quarter also saw the launch of the Roboaxi service’s pilot program in Austin, a notable step forward for the company’s self-driving program.

Tesla’s Q2 2025 earnings in a nutshell


As could be seen in Tesla’s Q2 2025 update letter, the company posted GAAP EPS of $0.33 and non-GAAP EPS of $0.40 per share. Tesla also posted total revenues of $22.496 billion.

In comparison, Wall Street expected Tesla to post earnings per share of $0.39, down 25% from a year ago. Tesla’s revenue is forecasted to fall 13% to $22.19 billion, and analysts also expect the electric vehicle maker to post lower margins this quarter.

Tesla’s other Q2 metrics

For the second quarter, Tesla’s total revenue decreased 12% YoY to $22.5B. Operating income also decreased 42% YoY to $0.9B, resulting in a 4.1% operating margin. Tesla still has a strong war chest, as the company’s quarter-end cash, cash equivalents and investments was $36.8B.

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Product Plans

Tesla noted in its Q2 2025 update letter that the company remains focused on “prudently growing our vehicle volumes in a capex efficient manner by using our existing vehicle production capacity before building new lines.” Still, Tesla noted that plans for new vehicles that will launch in 2025 remain on track, including initial production of a more affordable model in 1H25.

Tesla also reiterated that the Cybercab will be produced using the company’s upcoming “Unboxed” manufacturing process. Volume production of the Cybercab is expected to start sometime in 2026.

Below is Tesla’s Q2 2025 update letter:

TSLA-Q2-2025-Update by Simon Alvarez on Scribd

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Tesla Q2 2025 earnings: What Wall Street expects

The company has faced mounting pressure this year, with TSLA stock down 19% year-to-date.

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Credit: Tesla Asia/X

Tesla (NASDAQ:TSLA) is set to release its second-quarter 2025 financial results after markets close on Wednesday, July 23. The company has faced mounting pressure this year, with TSLA stock down about 19% year-to-date. 

What Wall Street expects

As noted in a TipRanks report, Wall Street has remained cautious about the electric vehicle maker due to concerns about the EV segment in general, competition, reduced margins, federal EV regulations, and CEO Elon Musk’s political activities. 

Overall, Wall Street expects Tesla to post earnings per share of $0.39, down 25% from a year ago. Tesla’s revenue is forecasted to fall 13% to $22.19 billion, and analysts also expect the electric vehicle maker to post lower margins this quarter.

Analyst expectations

Tesla delivered approximately 384,120 vehicles in Q2, a 13.5% drop year-over-year, as per Main Street Data. The company also produced over 410,000 vehicles and deployed 9.6 GWh of energy storage products during the quarter. 

Ahead of the earnings call, Cantor Fitzgerald analyst Andres Sheppard reiterated a Buy rating and a $335 per share price target. He also adjusted his Q2 revenue forecast to $21 billion, down from his previous estimate of $24.1 billion. Despite short-term softness, Sheppard maintained his 2025 and 2026 projections, citing confidence in Tesla’s high-margin Robotaxi business model.

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Barclays analyst Dan Levy kept a Hold rating with a $275 price target. He stated that the company faces “increasingly weaker fundamentals,” but he also suggested that Tesla’s Robotaxi story could drive optimism. Levy expects modest gross margin improvement quarter-over-quarter and flagged the full-year EPS estimate drop from $3.20 to $1.84. Delays in launching the affordable Tesla model remain a downside risk, Levy noted.

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