Independent IPO Research
What Wall Street Won't Tell You About the Next New Thing
In-depth, actionable research for the Quiet Period — when Wall Street can't, or won't, offer analysis of initial public offerings.
Epistrophy has no underwriting or banking relationship with SpaceX.
28
Years Analyzing IPOs
100+
IPOs Covered
50+
Pages Per Report
50
Industry Interviews Per report
$0
Banking Fees Received
0
Conflicts of Interest
Current Report
SPACEX: INITIAL PUBLIC OFFERING
Now Available
SPACEX
Initial Public Offering
Price
$135.00
Market Cap
$1.765T
Float
4%
TTM Revenue
$19.3B
YOY Rev. Growth
15.4%
Expected IPO
Jun 12, 2026
SpaceX IPO
Executive Summary · June 5, 2026 · 66 Pages
SpaceX Business Unit Lombardi Chart
🚀 Space: the Primal Frontier
The Data Center That Orbits
The Physics Wall
Space: What Must Work
Space: The Bear Case
🛰️ Starlink: The Skys’ Limit
Declining ARPUs
Free Rockets?
☠️ Department of War
Starlink: What Must Work
Starlink: The Bear Case
✨ xAI: Losing To Anthropic & OpenAI
Grok's Participation Trophy
xAI: Burying Twitter's Debt
xAI: What Must Work
xAI: The Bear Case
🔓 Profiting from the Weird Unlock
Table: Unlock & Share Demand Sensitivity
Why It Matters
WHY INDEPENDENT RESEARCH?
🏦
No Banking Conflict
The banks underwriting these deals cannot publish honest research about it. Epistrophy has no underwriting or banking relationship with with any of the IPOs we cover.
📄
Institutional Depth
Dozens of pages of primary research, financial modeling and competitive analysis with decades of forensic research behind it.
This is not a two-page summary with a price target and a disclaimer.
⏱️
Timed for the Window
Published just after the S-1 filing, before the expected offering. Research that lands precisely when the market is flying blind.
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The Analyst
ABOUT CORY JOHNSON
CORY JOHNSON
Chief Market Strategist · Epistrophy Capital Research
Cory Johnson is Epistrophy Capital Research's Chief Market Strategist and host of the Drill Down podcast. His career spans hedge fund portfolio management, technology journalism and broadcasting. He has been covering, analyzing and investing in the IPO market since 1997 and was a powerful influence in deals ranging from Wired to Groupon to Zynga to Facebook. Johnson was CNBC's first Silicon Valley correspondent and helped create Bloomberg West and the Bloomberg Advantage.
An entrepreneur at heart, he helped start TheStreet.com, the Industry Standard, Vibe and Slam — inducted into the Basketball Hall of Fame in 2024. He has been a senior executive at Ripple, a portfolio manager at Kingsford Capital and an analyst at Cannell Capital LLC and a principal of the Forensic Research Group. He has worked with many Silicon Valley startups including Braintrust, C3.ai and Hypr.