{"id":11611,"date":"2026-06-11T19:04:45","date_gmt":"2026-06-11T19:04:45","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11611"},"modified":"2026-08-20T10:31:13","modified_gmt":"2026-08-20T10:31:13","slug":"spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/","title":{"rendered":"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja: de meg\u00e9ri?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Mir\u0151l sz\u00f3l a Piaci Impulzus rovat?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A SpaceX IPO-ja nem egyszer\u0171en egy t\u0151zsdei bevezet\u00e9s, hanem egy kultur\u00e1lis esem\u00e9ny, egy technol\u00f3giai fogad\u00e1s \u00e9s egy governance-vita egyszerre. A valaha volt legnagyobb t\u0151zsdei kibocs\u00e1t\u00e1s tervezett m\u00e9rete (~1750 milli\u00e1rd USD \u00e9rt\u00e9kelts\u00e9g, 75 milli\u00e1rd USD bevon\u00e1s) messze meghaladja a Saudi Aramco, az Alibaba \u00e9s a Softbank IPO-inak \u00f6sszes\u00edtett m\u00e9ret\u00e9t. Mi t\u00f6bb, a lelkesed\u00e9s \u00f3ri\u00e1si. A szkepticizmus is. Az egyik oldalon ott \u00e1ll az emberis\u00e9g legmer\u00e9szebb technol\u00f3giai v\u00e1llalkoz\u00e1sa, a m\u00e1sikon egy 40 milli\u00e1rd USD-s halmozott vesztes\u00e9g, 29 milli\u00e1rd USD-s ad\u00f3ss\u00e1g \u00e9s egy v\u00e1llalatir\u00e1ny\u00edt\u00e1si strukt\u00fara, amelyre a befektet\u0151k szinte semmilyen befoly\u00e1ssal nem b\u00edrnak. Teh\u00e1t: venni vagy nem venni, ez itt a k\u00e9rd\u00e9s!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nem tudom, tiszt\u00e1ban vagytok-e vele, de egy alapos fundament\u00e1lis m\u00e9lyelemz\u00e9s elk\u00e9sz\u00edt\u00e9se 40\u201350 \u00f3r\u00e1t is ig\u00e9nybe vehet. Befektet\u0151k\u00e9nt ennyi energi\u00e1t minden egyes c\u00e9g elemz\u00e9s\u00e9be lehetetlen beletenni, ha kell\u0151en hossz\u00fa figyel\u0151list\u00e1t szeretn\u00e9tek hat\u00e9konyan kezelni. R\u00e1ad\u00e1sul ezt a SpaceX kapcs\u00e1n nem is lehet megtenni, hiszen m\u00e9g be sem vezett\u00e9k a t\u0151zsd\u00e9re, \u00edgy a mostani cikk ink\u00e1bb csak egy gondolat\u00e9breszt\u0151, semmint igazi elemz\u00e9s. <\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">\u2757<strong>Annyit lesz\u00f6gezn\u00e9k, hogy az adatforr\u00e1sok jelenleg el\u00e9gg\u00e9 pontatlanok, mivel m\u00e9g nincsenek piaci besz\u00e1mol\u00f3k, ez\u00e9rt mindent fenntart\u00e1sokkal kezeljetek<\/strong>\u2757<\/mark><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">Ha az oldal m\u00e9lyelemz\u00e9seit keresitek, akkor az al\u00e1bbi linkre nyomjatok: <a href=\"https:\/\/iocharts.io\/blog\/category\/reszvenyelemzes\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts r\u00e9szv\u00e9nyelemz\u00e9sek<\/a><\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">A SpaceX r\u00e9szv\u00e9ny \u00e1rfolyama a TradingView fel\u00fclet\u00e9n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"NASDAQ:SPCX|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcd2Tartalomjegyz\u00e9k\ud83d\udcd2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u00e9trehoztam egy tartalomjegyz\u00e9ket, hogy k\u00f6nnyebben tudjatok navig\u00e1lni a tartalmakban:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#mitcsinal\">Mit csin\u00e1l a SpaceX?<\/a><\/li>\n\n\n\n<li><a href=\"#alapitas\">Az alap\u00edt\u00e1s \u00e9s Musk helye a technol\u00f3giat\u00f6rt\u00e9nelemben<\/a><\/li>\n\n\n\n<li><a href=\"#uzlet\">A SpaceX \u00fczleti modellje \u00e9s a h\u00e1rom szegmens<\/a><\/li>\n\n\n\n<li><a href=\"#ipo\">Az IPO r\u00e9szletei: mi tudhat\u00f3 a prospektusb\u00f3l?<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">SpaceX r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz?<\/a><\/li>\n\n\n\n<li><a href=\"#osszegzese\">A t\u00e9zis \u00f6sszegz\u00e9se<\/a><\/li>\n\n\n\n<li id=\"osszegzese\"><a href=\"#gyik\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"mitcsinal\">Mit csin\u00e1l a SpaceX?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Space Exploration Technologies Corp. \u2013 k\u00f6zismertebb nev\u00e9n SpaceX \u2013 egy 2002-ben alap\u00edtott, kaliforniai (Hawthorne, CA) sz\u00e9khely\u0171 mag\u00e1n rak\u00e9tatechnol\u00f3giai \u00e9s \u0171ripari v\u00e1llalat, volt eddig, hiszen most bevezetik egy IPO keret\u00e9ben a t\u0151zsd\u00e9re. Alap\u00edt\u00f3ja Elon Musk. A c\u00e9g 24 \u00e9ves m\u0171k\u00f6d\u00e9se alatt az emberi civiliz\u00e1ci\u00f3 tal\u00e1n legl\u00e1tv\u00e1nyosabb mag\u00e1nv\u00e1llalkoz\u00e1si teljes\u00edtm\u00e9ny\u00e9t hajtotta v\u00e9gre: \u00fajrahaszn\u00e1lhat\u00f3 rak\u00e9t\u00e1kat \u00e9p\u00edtett, megt\u00f6rte az \u00e1llami \u00e9s az orosz\u2013k\u00ednai rak\u00e9tapiaci dominanci\u00e1t, \u00e9s a m\u0171holdas internetszolg\u00e1ltat\u00e1son kereszt\u00fcl a felt\u00f6rekv\u0151 piacok milli\u00e1rdjait kapcsolta be a sz\u00e9less\u00e1v\u00fa internetbe.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"488\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-launch-1024x488.jpg.webp\" alt=\"SpaceX kil\u00f6v\u00e9s\" class=\"wp-image-11615 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/488;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-launch-1024x488.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-launch-414x197.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-launch-768x366.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-launch.jpg.webp 1041w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: CNN, SpaceX kil\u00f6v\u00e9s<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A SpaceX ma h\u00e1rom j\u00f3l elk\u00fcl\u00f6n\u00edthet\u0151 \u00fczlet\u00e1gban m\u0171k\u00f6dik:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\ude80 SPACE \u2013 a rak\u00e9ta\u00fczlet:<\/strong> a Falcon 9 \u00e9s Falcon Heavy rak\u00e9t\u00e1k, valamint a fejleszt\u00e9s alatt \u00e1ll\u00f3 Starship rendszer adj\u00e1k az \u00fczlet\u00e1g gerinc\u00e9t. A SpaceX ma a vil\u00e1g p\u00e1ly\u00e1ra \u00e1ll\u00edtott m\u0171holdjainak k\u00f6zel 80%-\u00e1t juttatja fel a F\u00f6ld k\u00f6r\u00fcli p\u00e1ly\u00e1ra, ez egy kiv\u00e9teles \u00e9s nehezen megt\u00e1madhat\u00f3 piaci poz\u00edci\u00f3. \u00dcgyfelei k\u00f6zt van a NASA, az Egyes\u00fclt \u00c1llamok v\u00e9delmi miniszt\u00e9riuma, a Nemzeti Felder\u00edt\u00e9si Hivatal (NRO) \u00e9s sz\u00e1zsz\u00e1mra a kereskedelmi m\u0171hold\u00fczemeltet\u0151k.<\/li>\n\n\n\n<li><strong>\ud83d\udce1 CONNECTIVITY \u2013 a Starlink:<\/strong> a SpaceX m\u0171holdas sz\u00e9less\u00e1v\u00fa internetszolg\u00e1ltat\u00e1sa, amely 2026 els\u0151 negyed\u00e9v\u00e9nek v\u00e9g\u00e9n <strong>~10.3 milli\u00f3 el\u0151fizet\u0151t<\/strong> sz\u00e1ml\u00e1lt 164 orsz\u00e1gban (9600+ akt\u00edv m\u0171holddal), \u00e9s 2025-ben <strong>11.387 milli\u00e1rd USD<\/strong> bev\u00e9telt termelt (+49.85%). Az el\u0151fizet\u0151i \u00e1tlagbev\u00e9tel (ARPU) 120 USD\/h\u00f3. <strong>A szegmens operat\u00edv eredm\u00e9nye (EBIT) +4.423 milli\u00e1rd USD volt 2025-ben, ez az egyetlen nyeres\u00e9ges \u00fczlet\u00e1g a SpaceX-en bel\u00fcl.<\/strong><\/li>\n\n\n\n<li><strong>\ud83e\udd16 AI \u2013 az xAI \u00e9s az X platform:<\/strong> 2026-ban a SpaceX megszerezte az Elon Musk \u00e1ltal alap\u00edtott xAI mesters\u00e9ges intelligencia c\u00e9get \u00e9s az X k\u00f6z\u00f6ss\u00e9gi m\u00e9di\u00e1s platformot (kor\u00e1bban Twitter). A szegmens 2025-ben <strong>3.201 milli\u00e1rd USD<\/strong> bev\u00e9telt termelt (+22.18%), de az operat\u00edv vesztes\u00e9ge <strong>-6.355 milli\u00e1rd USD<\/strong> volt \u2013 ez m\u00e1sf\u00e9lszerese a Starlink teljes EBIT-nyeres\u00e9g\u00e9nek. Az AI CapEx egymag\u00e1ban <strong>12.727 milli\u00e1rd USD<\/strong> volt 2025-ben, a teljes v\u00e1llalati CapEx 61%-a.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-1024x725.jpg.webp\" alt=\"a SpaceX bev\u00e9tele szegmensenk\u00e9nt\" class=\"wp-image-11612 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>, a SpaceX bev\u00e9tele szegmensenk\u00e9nt<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> a SpaceX ma egy olyan holding, amelynek egyetlen igaz\u00e1n nyeres\u00e9ges \u00fczlete a Starlink (+4.423 milli\u00e1rd USD EBIT), de ezt teljes eg\u00e9sz\u00e9ben felzab\u00e1lja az AI szegmens (-6.355 milli\u00e1rd USD EBIT) \u00e9s a Space szegmens (-657 milli\u00f3 USD EBIT). A teljes CapEx 20.788 milli\u00e1rd USD volt 2025-ben, a szabad cash flow (FCF) -14.003 milli\u00e1rd USD. A 22.896 milli\u00e1rd USD-os ad\u00f3ss\u00e1g\u00e1llom\u00e1ny mellett ez komoly finansz\u00edroz\u00e1si ig\u00e9nyt jelent. A Space szegmens 2025-\u00f6s bev\u00e9tele 4.086 milli\u00e1rd USD volt, 165 Falcon \u00e9s 5 Starship ind\u00edt\u00e1ssal.<strong> Viszont, fundament\u00e1lisan a v\u00e1llalat l\u00e9nyeg\u00e9ben \u00e9rtelmezhetetlen, vagyis ez sokkal ink\u00e1bb egy, a j\u00f6v\u0151re tett fogad\u00e1s, ami vagy bej\u00f6n vagy nem.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"helyzete\">Az alap\u00edt\u00e1s \u00e9s Musk helye a technol\u00f3giat\u00f6rt\u00e9nelemben<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2002: az alap\u00edt\u00e1s.<\/strong> Elon Musk a PayPal 2002-es elad\u00e1s\u00e1b\u00f3l kapott ~180 milli\u00f3 USD nagy r\u00e9sz\u00e9t azonnal a SpaceX-be fektette \u00e9s majdnem cs\u0151dbe ment. Az els\u0151 h\u00e1rom Falcon 1-es rak\u00e9ta mind megbukott. A negyedik, 2008-ban, sikeresen p\u00e1ly\u00e1ra \u00e1llt, ezzel a SpaceX lett az els\u0151 mag\u00e1nc\u00e9g, amely foly\u00e9kony hajt\u00f3anyag\u00fa rak\u00e9t\u00e1val \u00e9rte el a F\u00f6ld k\u00f6r\u00fcli p\u00e1ly\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az \u00fajrafelhaszn\u00e1l\u00e1s forradalma.<\/strong> A SpaceX igazi \u00e1tt\u00f6r\u00e9st nem a rep\u00fcl\u00e9si p\u00e1ly\u00e1ra \u00e1ll\u00edt\u00e1ssal, hanem a visszat\u00e9r\u0151 \u00e9s \u00fajrahaszn\u00e1lhat\u00f3 els\u0151 rak\u00e9tafokozat megval\u00f3s\u00edt\u00e1s\u00e1val \u00e9rte el 2015-ben. Addig az ipar dogm\u00e1ja az volt, hogy a rak\u00e9t\u00e1kat egyszer haszn\u00e1lj\u00e1k el, mint egy pap\u00edrpoharat. A Falcon 9 visszat\u00e9r\u0151 els\u0151 fokozata ezt a dogm\u00e1t d\u00f6nt\u00f6tte meg, \u00e9s az ind\u00edt\u00e1si \u00e1rakat a t\u00f6red\u00e9k\u00e9re cs\u00f6kkentette. Ma egy Falcon 9-es els\u0151 fokozat 20+ rep\u00fcl\u00e9st is teljes\u00edthet.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"307\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-IPO-1024x307.png.webp\" alt=\"a cs\u00edk alatti c\u00e9gekn\u00e9l a SpaceX IPO-ja nagyobb lesz\" class=\"wp-image-11628 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/307;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-IPO-1024x307.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-IPO-414x124.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-IPO-768x230.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space-X-IPO.png.webp 1440w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Finviz, a cs\u00edk alatti c\u00e9gekn\u00e9l a SpaceX IPO-ja nagyobb lesz<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A NASA \u00e9s az \u00e1llami programok \u00e1t\u00edr\u00e1sa.<\/strong> A SpaceX a Commercial Crew Program keret\u00e9ben a NASA asztronaut\u00e1it sz\u00e1ll\u00edtja a Nemzetk\u00f6zi \u0170r\u00e1llom\u00e1sra, olyan feladat, amelyre kor\u00e1bban csak az orosz Szojuz volt k\u00e9pes. Az Artemis Hold-program lesz\u00e1ll\u00f3egys\u00e9g\u00e9hez (HLS) szint\u00e9n a Starshipet haszn\u00e1lj\u00e1k.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Elon Musk a t\u00e1gabb kontextusban.<\/strong> Musk a Tesla, a SpaceX, az xAI, az X (Twitter), a The Boring Company \u00e9s a Neuralink alap\u00edt\u00f3ja vagy vezet\u0151 r\u00e9szv\u00e9nyese egyszerre. Ez az egyidej\u0171leg t\u00f6bb strat\u00e9giai fontoss\u00e1g\u00fa v\u00e1llalat \u00e9l\u00e9n \u00e1ll\u00f3, ellen\u0151rz\u00e9si joggal rendelkez\u0151 poz\u00edci\u00f3 a modern t\u0151kepiac egyik legegyedibb jelens\u00e9ge, \u00e9s egyszerre forr\u00e1sa az \u00e9rt\u00e9kteremt\u00e9snek \u00e9s a kock\u00e1zatnak. A Tesla eset\u00e9ben a korm\u00e1nyzati kapcsolatok (DOGE) \u00e9s a szem\u00e9lyes botr\u00e1nyok az \u00e1rfolyamot egyszerre lend\u00edtik fel \u00e9s r\u00e1ntj\u00e1k le. <\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"KNsY3M5AGs\"><a href=\"https:\/\/iocharts.io\/blog\/tesla-tsla-reszveny-az-autogyarbol-lett-ai-vallalat\/\">Tesla (TSLA) r\u00e9szv\u00e9ny: az aut\u00f3gy\u00e1rb\u00f3l lett AI-v\u00e1llalat<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Tesla (TSLA) r\u00e9szv\u00e9ny: az aut\u00f3gy\u00e1rb\u00f3l lett AI-v\u00e1llalat&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/tesla-tsla-reszveny-az-autogyarbol-lett-ai-vallalat\/embed\/#?secret=Jwt5vjcdxk#?secret=KNsY3M5AGs\" data-secret=\"KNsY3M5AGs\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> kev\u00e9s olyan megoszt\u00f3 vezet\u0151 van a piacon, mint Elon Musk. Err\u0151l m\u00e1r a Piaci Impulzus Tesl\u00e1r\u00f3l sz\u00f3l\u00f3 r\u00e9sz\u00e9ben is utaltam. Van, aki istenk\u00e9nt tiszteli, van, aki ki nem \u00e1llhatja, mindenesetre senkit nem hagy hidegen. Viszont az egyszem\u00e9lyes ir\u00e1ny\u00edt\u00e1sa hossz\u00fa t\u00e1v\u00fa befektet\u0151i szempontb\u00f3l mindenk\u00e9ppen kock\u00e1zatot jelent k\u00e9t okb\u00f3l:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83c\udfe2a v\u00e1llalatai nagyon er\u0151teljesen f\u00fcggnek a szem\u00e9ly\u00e9t\u0151l,<\/li>\n\n\n\n<li>\ud83d\udd10jelent\u0151s kulcsember kock\u00e1zatot jelent az, ha valami t\u00f6rt\u00e9nik Muskkal, hiszen l\u00e9nyeg\u00e9ben p\u00f3tolhatatlan a szem\u00e9lye, az ut\u00f3dl\u00e1sr\u00f3l az \u0151 eset\u00e9ben pedig egy\u00e1ltal\u00e1n nem lehet besz\u00e9lni.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"metrikai\">A SpaceX \u00fczleti modellje \u00e9s a h\u00e1rom szegmens<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A SpaceX \u00fczleti modellje struktur\u00e1lisan hasonl\u00f3 egy nagy infrastrukt\u00farav\u00e1llalat \u00e9s egy SaaS-c\u00e9g hibridj\u00e9hez: a rak\u00e9taszegmens massz\u00edv CapEx-et ig\u00e9nyel, amelyet a Starlink \u00e9s a kereskedelmi ind\u00edt\u00e1sok bev\u00e9telei finansz\u00edroznak.<strong> Szokt\u00e1k ezeket a c\u00e9geket spawner v\u00e1llalatoknak is h\u00edvni, ami nem jelent m\u00e1st, mint hogy az alaptev\u00e9kenys\u00e9g\u00fckb\u0151l \u00fajabb \u00fczlet\u00e1gakat n\u00f6vesztenek ki. <\/strong>J\u00f3 p\u00e9lda erre a Google, amelyik alapesetben egy keres\u0151motorra h\u00fazta fel a felh\u0151szolg\u00e1ltat\u00e1s\u00e1t, a telefon \u00fczlet\u00e1g\u00e1t vagy \u00e9ppen az oper\u00e1ci\u00f3s rendszer\u00e9t. Az Amazon k\u00f6nyv\u00e1ruh\u00e1zb\u00f3l retail \u00fczlett\u00e9, AWS felh\u0151szolg\u00e1ltat\u00e1ss\u00e1, AI befektet\u0151v\u00e9 n\u0151tte ki mag\u00e1t, \u00e9s m\u00e9g sorolhatn\u00e1m a p\u00e9ld\u00e1kat.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"knyDoebu5x\"><a href=\"https:\/\/iocharts.io\/blog\/alphabet-googl-a-keresokiraly-akit-sajat-fegyvere-fenyeget\/\">Alphabet (GOOGL) r\u00e9szv\u00e9ny: AI-fogad\u00e1s \u00e9s CAPEX kock\u00e1zat<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Alphabet (GOOGL) r\u00e9szv\u00e9ny: AI-fogad\u00e1s \u00e9s CAPEX kock\u00e1zat&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/alphabet-googl-a-keresokiraly-akit-sajat-fegyvere-fenyeget\/embed\/#?secret=fQy7q61qod#?secret=knyDoebu5x\" data-secret=\"knyDoebu5x\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Azonban t\u00e9rj\u00fcnk vissza a SpaceX \u00fczleti modellj\u00e9hez, ami h\u00e1rom pill\u00e9ren nyugszik:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udef0\ufe0f<strong>A Starlink a motor.<\/strong> A Starlink-el\u0151fizet\u0151k havi d\u00edjat fizetnek (~120 USD\/h\u00f3 fogyaszt\u00f3i szinten), a v\u00e1llalati \u00e9s katonai szegmens dr\u00e1g\u00e1bban. A m\u0171holdkonstell\u00e1ci\u00f3 ki\u00e9p\u00edt\u00e9si f\u00e1zisa k\u00f6zel befejezt\u00e9vel az inkrement\u00e1lis CapEx cs\u00f6kken, a bev\u00e9tel viszont tov\u00e1bb n\u0151: a piaci elemz\u0151k 60%-os \u00e9ves n\u00f6veked\u00e9si r\u00e1ta mellett tart\u00f3san nyeres\u00e9ges \u00fczletet l\u00e1tnak ebben a szegmensben. A Starlink val\u00f3di gazdas\u00e1gi v\u00e1r\u00e1rka a m\u00e1r m\u0171k\u00f6d\u0151 konstell\u00e1ci\u00f3 m\u00e9rete, egy vet\u00e9lyt\u00e1rsnak \u00e9vekbe \u00e9s sok t\u00edzmilli\u00e1rd USD-be telne, mire hasonl\u00f3 lefedetts\u00e9get \u00e9p\u00edtene ki. <strong>Magyar\u00e1n: kis befektet\u00e9ssel is gyorsan lehet a Starlinket sk\u00e1l\u00e1zni, \u00edgy a marzsok k\u00f6nnyed\u00e9n emelkednek.<\/strong><\/li>\n\n\n\n<li>\ud83d\ude80<strong>A rak\u00e9taszegmens struktur\u00e1lis versenyel\u0151nye kiv\u00e9teles, de nem \u00f6r\u00f6k.<\/strong> A SpaceX ma az egyetlen olyan c\u00e9g, amely t\u00f6megesen teljes\u00edt kereskedelmi ind\u00edt\u00e1sokat visszat\u00e9r\u0151 els\u0151 fokozatokkal. A Rocket Lab az Electron-nal kisebb m\u0171holdakra specializ\u00e1l\u00f3dott, az Ariane 6 \u00e9s az ULA Vulcan nagy m\u00e9ret\u0171 rak\u00e9t\u00e1i versenyeznek egyes piacokon. A Starship sikeres \u00fczemeltet\u00e9se az ind\u00edt\u00e1si \u00e1rakat tov\u00e1bb cs\u00f6kkenten\u00e9, \u00e9s ezzel a SpaceX piacfejleszt\u0151 \u00e9s piacuralmi szerepe egyar\u00e1nt er\u0151s\u00f6dne.<\/li>\n\n\n\n<li>\ud83c\udf10<strong>Az xAI: amb\u00edci\u00f3 kontra realit\u00e1s.<\/strong> A c\u00e9g prospektusa szerint a CapEx 70%-a AI-ter\u00fcletre ir\u00e1nyult 2026 els\u0151 negyed\u00e9v\u00e9ben. Az xAI Grok-modellje a piacon 3% k\u00f6r\u00fcli r\u00e9szesed\u00e9ssel rendelkezik, mik\u00f6zben az OpenAI, az Anthropic \u00e9s a Google a piac 97%-\u00e1t uralja. A 250 milli\u00e1rd USD-n t\u00f6rt\u00e9nt xAI-felv\u00e1s\u00e1rl\u00e1s k\u00f6r\u00fcli k\u00e9rd\u00e9sek, k\u00fcl\u00f6n\u00f6sen annak f\u00e9ny\u00e9ben, hogy Musk maga nyilatkozta, a technol\u00f3gi\u00e1t alapjaiban \u00fajra kell(ene) kezdeni, az egyik legvitatottabb t\u00e9tele a SpaceX IPO-prospektus\u00e1nak.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-revenue-1024x725.jpg.webp\" alt=\"a SpaceX bev\u00e9tele, m\u0171k\u00f6d\u00e9si bev\u00e9tele, EBITDA-ja vagy nett\u00f3 profitja\" class=\"wp-image-11618 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-revenue-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-revenue-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-revenue-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-revenue-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/Space_Exploration_Technologies_Corp_SPCX-revenue-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\">fiscal.ai<\/a>, a SpaceX bev\u00e9tele, m\u0171k\u00f6d\u00e9si bev\u00e9tele, EBITDA-ja vagy nett\u00f3 profitja<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a f\u0151 probl\u00e9m\u00e1m a SpaceX IPO-val, hogy siker\u00fclt \u00f6sszekenni az eg\u00e9sz projektet a mesters\u00e9ges intelligenci\u00e1val, ami az \u00e1raz\u00e1s egy jelent\u0151s r\u00e9sz\u00e9t adja, mik\u00f6zben a Gemini \u00e9s az Anthropic romm\u00e1 verik a konkurenci\u00e1t, bele\u00e9rtve az OpenAI-f\u00e9le ChatGPT-t is, amit tapasztalatb\u00f3l mondok, ugyanis mindegyiket napi szinten haszn\u00e1lok. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezzel szemben a Starlink fundament\u00e1lisan egy nagyon vonz\u00f3 \u00fczlet\u00e1g, m\u00edg a leg\u00e9rdekesebb r\u00e9sz a rak\u00e9taszegmens, ami tulajdonk\u00e9ppen az \u0171r megh\u00f3d\u00edt\u00e1s\u00e1t, m\u00e1s bolyg\u00f3b\u00e1ny\u00e1szatot, vagy \u00e9ppen b\u00e1rmit mag\u00e1ban foglalhat, amit oda tudtok k\u00e9pzelni. Aki olvasta az Id\u0151 r\u00f6vid t\u00f6rt\u00e9net\u00e9t, el tudja k\u00e9pzelni, hogy ez mekkora t\u00e1vlatokat k\u00e9pes nyitni, csak sajnos borzalmasan nehezen megbecs\u00fclhet\u0151 a piac m\u00e9rete, a bev\u00e9telek \u00e9s a k\u00f6lts\u00e9gek is.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Az IPO r\u00e9szletei: mi tudhat\u00f3 a prospektusb\u00f3l?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A SpaceX 2026 j\u00fanius\u00e1ban ny\u00fajtotta be a kibocs\u00e1t\u00e1si t\u00e1j\u00e9koztat\u00f3j\u00e1t (prospektus\u00e1t) az amerikai t\u0151zsdefel\u00fcgyelethez (SEC), \u00e9s a t\u0151zsdei keresked\u00e9s v\u00e1rhat\u00f3an 2026. j\u00fanius 12-\u00e9n indul a Nasdaqon, SPCX ticker alatt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az IPO f\u0151bb param\u00e9terei:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Param\u00e9ter<\/th><th>Adat<\/th><\/tr><\/thead><tbody><tr><td>Tervezett kibocs\u00e1t\u00e1si \u00e1r<\/td><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">135 USD\/r\u00e9szv\u00e9ny<\/mark><\/strong><\/td><\/tr><tr><td>Tervezett v\u00e1llalat\u00e9rt\u00e9kelts\u00e9g<\/td><td>~1750\u20131800 milli\u00e1rd USD<\/td><\/tr><tr><td>IPO-bevon\u00e1s tervezett \u00f6sszege<\/td><td>~75 milli\u00e1rd USD<\/td><\/tr><tr><td>T\u0151zsde<\/td><td>Nasdaq (SPCX)<\/td><\/tr><tr><td>Elon Musk gazdas\u00e1gi r\u00e9szesed\u00e9se<\/td><td>~42%<\/td><\/tr><tr><td>Elon Musk szavazati ar\u00e1nya (IPO ut\u00e1n)<\/td><td>~84%<\/td><\/tr><tr><td>K\u00f6zk\u00e9zh\u00e1nyad<\/td><td>~4\u20135%<\/td><\/tr><tr><td>R\u00e9szv\u00e9nyoszt\u00e1lyok<\/td><td>3 (Class A: 1 szavazat; Class B: 10 szavazat; Class C: szavazatmentes)<\/td><\/tr><tr><td>2025-\u00f6s \u00e1rbev\u00e9tel<\/td><td>18.674 milli\u00e1rd USD (+33.24%)<\/td><\/tr><tr><td>2025-\u00f6s nett\u00f3 vesztes\u00e9g<\/td><td>-4.937 milli\u00e1rd USD<\/td><\/tr><tr><td>2025-\u00f6s Adj. EBITDA<\/td><td>6.584 milli\u00e1rd USD (+23.07%)<\/td><\/tr><tr><td>2025-\u00f6s Gross Profit Margin<\/td><td>49.39%<\/td><\/tr><tr><td>2025-\u00f6s CapEx<\/td><td>20.788 milli\u00e1rd USD (ebb\u0151l AI: 12.727 milli\u00e1rd USD)<\/td><\/tr><tr><td>2025-\u00f6s szabad cash flow (FCF)<\/td><td>-14.003 milli\u00e1rd USD<\/td><\/tr><tr><td>2025-\u00f6s operat\u00edv cash flow<\/td><td>+6.785 milli\u00e1rd USD<\/td><\/tr><tr><td>Connectivity (Starlink) EBIT 2025<\/td><td>+4.423 milli\u00e1rd USD<\/td><\/tr><tr><td>AI szegmens EBIT 2025<\/td><td>-6.355 milli\u00e1rd USD<\/td><\/tr><tr><td>Space szegmens EBIT 2025<\/td><td>-657 milli\u00f3 USD<\/td><\/tr><tr><td>Starlink el\u0151fizet\u0151k (2026. m\u00e1rcius 31.)<\/td><td>~10.3 milli\u00f3<\/td><\/tr><tr><td>Starlink ARPU<\/td><td>120 USD\/h\u00f3<\/td><\/tr><tr><td>Falcon ind\u00edt\u00e1sok 2025<\/td><td>165<\/td><\/tr><tr><td>Starship ind\u00edt\u00e1sok 2025<\/td><td>5<\/td><\/tr><tr><td>Megrendel\u00e9s-\u00e1llom\u00e1ny (backlog)<\/td><td>28.377 milli\u00e1rd USD<\/td><\/tr><tr><td>Felhalmozott deficit (2003 \u00f3ta)<\/td><td>~37\u201340 milli\u00e1rd USD<\/td><\/tr><tr><td>Teljes ad\u00f3ss\u00e1g\u00e1llom\u00e1ny<\/td><td>~22.9 milli\u00e1rd USD (2025.12.31-\u00e9n)<\/td><\/tr><tr><td>Kiskereskedelmi (retail) kv\u00f3ta<\/td><td>~30%<\/td><\/tr><tr><td>Befektet\u00e9si bankok sz\u00e1ma<\/td><td>23<\/td><\/tr><tr><td>Elon Musk becs\u00fclt kompenz\u00e1ci\u00f3s csomag<\/td><td>700\u2013800 milli\u00e1rd USD (csak \u00edgy szer\u00e9nytelen\u00fcl)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Nasdaq 100 szab\u00e1lyv\u00e1ltoztat\u00e1sok kontextusa.<\/strong> 2026 m\u00e1jus\u00e1ban a Nasdaq m\u00f3dos\u00edtott h\u00e1rom szab\u00e1lyt, amelyek a SpaceX gyors indexbe ker\u00fcl\u00e9s\u00e9t seg\u00edtik: az indexbev\u00e9telre val\u00f3 v\u00e1rakoz\u00e1si id\u0151 3 h\u00f3napr\u00f3l 15 keresked\u00e9si napra cs\u00f6kkent, a minim\u00e1lis k\u00f6zk\u00e9zh\u00e1nyad k\u00f6vetelm\u00e9nye elt\u00f6rl\u00e9sre ker\u00fclt, \u00e9s a 33.3% alatti k\u00f6zk\u00e9zh\u00e1nyad eset\u00e9n h\u00e1romszoros szorz\u00f3t alkalmaz a besorol\u00e1si sz\u00e1m\u00edt\u00e1sban. Ezek a v\u00e1ltoztat\u00e1sok \u00f6sszess\u00e9g\u00e9ben lehet\u0151v\u00e9 teszik, hogy a SpaceX, amelynek k\u00f6zk\u00e9zh\u00e1nyada mind\u00f6ssze 4\u20135%, n\u00e9h\u00e1ny h\u00e9ten bel\u00fcl beker\u00fclj\u00f6n a Nasdaq 100-ba, \u00e9s ezzel automatikusan a ~600\u2013800 milli\u00e1rd USD-nyi passz\u00edv indexk\u00f6vet\u0151 befektet\u00e9si \u00e1llom\u00e1ny is tartani kezdi majd a r\u00e9szv\u00e9nyeket.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/SpaceX-muholdak-1024x576.png.webp\" alt=\"SpaceX m\u0171hold verzi\u00f3k\" class=\"wp-image-11620 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/SpaceX-muholdak-1024x576.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/SpaceX-muholdak-414x233.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/SpaceX-muholdak-768x432.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/SpaceX-muholdak.png.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Forbes, SpaceX m\u0171hold verzi\u00f3k<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Nem neh\u00e9z kital\u00e1lni, mi fog ekkor t\u00f6rt\u00e9nni: a k\u00e9nyszerv\u00e1s\u00e1rl\u00e1sok mesters\u00e9gesen felfel\u00e9 h\u00fazz\u00e1k a SpaceX r\u00e9szv\u00e9ny \u00e1r\u00e1t, elind\u00edtanak egy hype-ot, ami m\u00e1r most is nagyon durva m\u00e1ni\u00e1nak n\u00e9z ki. Volt m\u00e1r p\u00e1r ilyen a t\u00f6rt\u00e9nelemben, a legels\u0151 a holland tulip\u00e1nm\u00e1nia volt 1634-1637 k\u00f6z\u00f6tt, teh\u00e1t az ilyen esem\u00e9nyek meglep\u0151en sok\u00e1ig kitartanak, ut\u00e1na viszont bed\u00f6ntik a piacot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az IPO \u00f6t br\u00f3kerh\u00e1zon kereszt\u00fcl \u00e9rhet\u0151 el:<\/strong> Fidelity (min. 500 000 USD portf\u00f3li\u00f3), Charles Schwab (min. 100 000 USD likvid vagyon), Morgan Stanley E-Trade, Robinhood \u00e9s SoFi (ezekn\u00e9l nincs minimumk\u00f6vetelm\u00e9ny a kisbefektet\u0151k sz\u00e1m\u00e1ra).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">SpaceX r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mindk\u00e9t narrat\u00edva indokolhat\u00f3, l\u00e1ssuk, hogy az egyes oldalak mibe kapaszkodhatnak a t\u00e9zis\u00fck fel\u00e9p\u00edt\u00e9se sor\u00e1n!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ami a SpaceX mellett sz\u00f3l<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\ude80 <strong>A SpaceX technol\u00f3giai versenyel\u0151nye val\u00f3di \u00e9s nehezen m\u00e1solhat\u00f3.<\/strong> A visszat\u00e9r\u0151 Falcon 9 els\u0151 fokozat, a k\u00f6zel 9600+ akt\u00edv Starlink-m\u0171hold \u00e9s a Starship fejleszt\u00e9si program olyan technol\u00f3giai t\u0151k\u00e9t k\u00e9pvisel, amelyet \u00e9vtizedek alatt halmoztak fel. Egy \u00faj bel\u00e9p\u0151nek 10\u201315 \u00e9v \u00e9s t\u00f6bb t\u00edzmilli\u00e1rd USD kellene, hogy hasonl\u00f3 poz\u00edci\u00f3ba ker\u00fclj\u00f6n.<\/li>\n\n\n\n<li>\ud83d\udce1 <strong>A Starlink a vil\u00e1g egyik legjobb n\u00f6veked\u00e9si \u00fczlet\u00e1ga.<\/strong> A m\u0171holdas sz\u00e9less\u00e1v\u00fa internet \u00e9vi 60%-os bev\u00e9teln\u00f6veked\u00e9ssel, milli\u00e1rdos kiakn\u00e1zatlan piaccal (tenger\u00e9szet, l\u00e9giforgalom, fejl\u0151d\u0151 vil\u00e1g) \u00e9s cs\u00f6kken\u0151 inkrement\u00e1lis CapEx-szel rendelkezik. Ez egy igazi kamatos kamat g\u00e9pezet, amelynek hossz\u00fa n\u00f6veked\u00e9si p\u00e1ly\u00e1ja van. A legjobb bizony\u00edt\u00e9k erre, hogy nemr\u00e9g jelentette be a Wizz Air, hogy a g\u00e9peiken a k\u00f6zelj\u00f6v\u0151ben el\u00e9rhet\u0151 lesz a Starlink internet szolg\u00e1ltat\u00e1sa.<\/li>\n\n\n\n<li>\ud83c\udf0d <strong>Az \u0171rgazdas\u00e1g struktur\u00e1lisan n\u00f6vekszik.<\/strong> A Morgan Stanley \u00e9s m\u00e1s elemz\u0151k az \u0171rgazdas\u00e1g m\u00e9ret\u00e9t 2040-re 1000 milli\u00e1rd USD f\u00f6l\u00e9 becs\u00fclik, a jelenlegi 500\u2013600 milli\u00e1rd USD-r\u00f3l. A SpaceX ebben a piacban a legjobb poz\u00edci\u00f3val rendelkez\u0151 szerepl\u0151.<\/li>\n\n\n\n<li>\ud83d\udee1\ufe0f <strong>\u00c1llami \u00e9s v\u00e9delmi kontraktusok stabil alapot jelentenek.<\/strong> A NASA, a DoD \u00e9s az NRO megrendel\u00e9sei hossz\u00fa id\u0151t\u00e1vra lek\u00f6t\u00f6tt, stabil bev\u00e9teli alapot adnak, amelyek nem korrel\u00e1lnak a gazdas\u00e1gi ciklussal. Ezt szoktuk backlognak h\u00edvni, 2025 v\u00e9g\u00e9n ez 28.4 milli\u00e1rd USD-re r\u00fagott, m\u00edg a bev\u00e9tel ugyanebben az \u00e9vben 18.7 milli\u00e1rd USD volt, teh\u00e1t a m\u00e1r megk\u00f6t\u00f6tt szerz\u0151d\u00e9sekb\u0151l sz\u00e1rmaz\u00f3 j\u00f6v\u0151beni bev\u00e9tel nagyj\u00e1b\u00f3l 1,5x \u00e9ves jelenlegi bev\u00e9telnek felel meg.<\/li>\n\n\n\n<li>\ud83c\udf19 <strong>A Starship sikere eset\u00e9n az ind\u00edt\u00e1si piac alapjaiban v\u00e1ltozna meg.<\/strong> Ha a Starship t\u00f6megesen \u00fczemel, a kg\/p\u00e1lya ind\u00edt\u00e1si \u00e1r a t\u00f6red\u00e9k\u00e9re cs\u00f6kkenne, \u00e9s a SpaceX nemcsak domin\u00e1ns, hanem monopolisztikus helyzetbe ker\u00fclhetne a neh\u00e9zrak\u00e9ta-piacon.<\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83d\udc46<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Aki szeretn\u00e9 a teljes SpaceX IPO prospektust elolvasni - 250+ oldalas olvasm\u00e1ny, de tele van k\u00e9pekkel - az az al\u00e1bbi linkre nyomjon: <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1181412\/000162828026036936\/spaceexplorationtechnologi.htm\" target=\"_blank\" rel=\"noreferrer noopener\">SEC IPO prospektus<\/a>.<\/mark><\/strong><\/pre>\n\n\n\n<h3 class=\"wp-block-heading\">Ami a SpaceX ellen sz\u00f3l<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcc9 <strong>A SpaceX a valaha t\u0151zsd\u00e9re l\u00e9p\u0151 legnagyobb vesztes\u00e9ges v\u00e1llalat.<\/strong> 40 milli\u00e1rd USD halmozott vesztes\u00e9g 23 \u00e9v alatt, 4.94 milli\u00e1rd USD nett\u00f3 vesztes\u00e9g 2025-ben, \u00e9s a prospektus saj\u00e1t szavaival: &#8222;a t\u00f6rt\u00e9nelm\u00fcnket nett\u00f3 vesztes\u00e9g jellemzi, \u00e9s tal\u00e1n nem is lesz\u00fcnk nyeres\u00e9gesek a j\u00f6v\u0151ben.&#8221; Ezt a mondatot a befektet\u0151knek el kell olvasniuk \u00e9s elgondolkodniuk azon, hogy ennek mekkora a val\u00f3s\u00e1galapja.<\/li>\n\n\n\n<li>\u26a0\ufe0f <strong>Az IPO bev\u00e9tel\u00e9b\u0151l legal\u00e1bb 20 milli\u00e1rd USD ad\u00f3ss\u00e1gt\u00f6rleszt\u00e9sre megy.<\/strong> A 75 milli\u00e1rd USD-os t\u0151kebevon\u00e1s nem kiz\u00e1r\u00f3lag a f\u00e9nyes j\u00f6v\u0151t finansz\u00edrozza: az alig k\u00e9t h\u00f3napja felvett 20 milli\u00e1rd USD-s \u00e1thidal\u00f3 hitel visszafizet\u00e9se az egyik els\u0151 felhaszn\u00e1l\u00e1si c\u00e9l, ami azt jelenti, hogy a befektet\u0151k egy r\u00e9sz\u00e9t val\u00f3j\u00e1ban arra k\u00e9rik, hogy finansz\u00edrozz\u00e1k a c\u00e9g jelen\u00e9t, nem pedig a j\u00f6v\u0151j\u00e9t.<\/li>\n\n\n\n<li>\ud83c\udfdb\ufe0f <strong>A v\u00e1llalatir\u00e1ny\u00edt\u00e1s egy befektet\u0151 sz\u00e1m\u00e1ra a valaha l\u00e1tott leger\u0151sebb diktat\u00fara.<\/strong> Musk a t\u00edzszeres szavazati jog\u00fa r\u00e9szv\u00e9nyeken kereszt\u00fcl ~84%-os szavazati kontrollt tart fenn az IPO ut\u00e1n is. <strong>Az \u00f6sszes igazgat\u00f3s\u00e1gi tagot \u0151 nevezi ki, az \u00f6sszes strat\u00e9giai d\u00f6nt\u00e9st \u0151 hozza meg, \u00e9s a r\u00e9szv\u00e9nyesek a jegyz\u00e9ssel lemondanak a jogvit\u00e1k kezdem\u00e9nyez\u00e9s\u00e9r\u0151l. <\/strong>Az \u00faj befektet\u0151k egyetlen val\u00f3di joga a r\u00e9szv\u00e9ny megv\u00e1s\u00e1rl\u00e1sa, tart\u00e1sa \u00e9s elad\u00e1sa.<\/li>\n\n\n\n<li>\ud83d\udcb8 <strong>A 700\u2013800 milli\u00e1rd USD becs\u00fclt kompenz\u00e1ci\u00f3s csomag minden m\u00e1s IPO-s menedzseri javadalmaz\u00e1st fel\u00fclm\u00fal.<\/strong> Az el\u0151re meghat\u00e1rozott m\u00e9rf\u00f6ldk\u00f6vek el\u00e9r\u00e9sekor oda\u00edt\u00e9lt tov\u00e1bbi t\u00edzszeres szavazati jog\u00fa r\u00e9szv\u00e9nyekr\u0151l az az igazgat\u00f3s\u00e1g fog d\u00f6nteni, amelynek tagjait maga Musk nevezi ki. Vagyis a kompenz\u00e1ci\u00f3 jogosultja d\u00f6nt\u00e9si befoly\u00e1ssal b\u00edr a kompenz\u00e1ci\u00f3 meg\u00edt\u00e9l\u00e9s\u00e9r\u0151l is.<\/li>\n\n\n\n<li>\ud83e\udd16 <strong>Az AI szegmens -6.355 milli\u00e1rd USD EBIT-vesztes\u00e9ggel m\u00e1sf\u00e9lszer akkora lyukat \u00e9get a m\u00e9rlegben, mint amennyit a Starlink termel.<\/strong> A teljes AI-befektet\u00e9si t\u00e9zis arra \u00e9p\u00fcl, hogy a Grok-modellek \u00e9s az X-platform \u00f6sszekapcsol\u00e1s\u00e1val a SpaceX megnyeri az AI-versenyt, mik\u00f6zben a piac 97%-\u00e1t az OpenAI, az Anthropic \u00e9s a Google uralja. Az AI CapEx 2025-ben 12.727 milli\u00e1rd USD volt, a teljes v\u00e1llalati t\u0151kebefektet\u00e9s 61%-a. Ez egy nagyon dr\u00e1ga fogad\u00e1s egy nagyon bizonytalan kimenetelre. Ahogy mondani szokt\u00e1k: a kock\u00e1zat\/nyeres\u00e9g ar\u00e1ny pocs\u00e9k.<\/li>\n\n\n\n<li>\ud83d\udcca <strong>A 10 legnagyobb IPO k\u00f6z\u00fcl 7 alulteljes\u00edtette az S&amp;P 500-at az els\u0151 \u00e9vben.<\/strong> A hype \u00e9s a val\u00f3di teljes\u00edtm\u00e9ny k\u00f6z\u00f6tti r\u00e9s a legnagyobb kibocs\u00e1t\u00e1sokn\u00e1l historikusan a legsz\u00e9lesebb. Aki kiv\u00e1r n\u00e9h\u00e1ny h\u00f3napot az IPO ut\u00e1n, jobb bel\u00e9p\u00e9si pontot kaphat, erre remek p\u00e9lda mondjuk a Facebook (ma Meta).<\/li>\n\n\n\n<li>\ud83d\udd17 <strong>A kapcsolt felek tranzakci\u00f3i aggaszt\u00f3 mint\u00e1zatot mutatnak.<\/strong> A Tesla\u2013SpaceX k\u00f6z\u00f6tti 650 milli\u00f3 USD-s sz\u00e1ll\u00edt\u00f3i kapcsolata (Megapack, Cybertruck), az Antonio Gracias-f\u00e9le Valor Equity Partners visszl\u00edzing-\u00fcgylete, amely 9 milli\u00e1rd USD ad\u00f3ss\u00e1got eredm\u00e9nyezett a SpaceX k\u00f6nyveiben, mind jelzik, hogy a c\u00e9g \u00e9s az alap\u00edt\u00f3 \u00e9rdekk\u00f6re k\u00f6z\u00f6tti hat\u00e1rvonal kev\u00e9sb\u00e9 \u00e9les, mint egy szok\u00e1sos r\u00e9szv\u00e9nyt\u00e1rsas\u00e1gban elv\u00e1rhat\u00f3. Magyar\u00e1n: Musk az egyik zseb\u00e9b\u0151l a m\u00e1sikba pakolja a p\u00e9nzt.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A SpaceX r\u00e9szv\u00e9ny az egyik leg\u00f6sszetettebb befektet\u00e9si d\u00f6nt\u00e9s, amellyel a t\u0151zsd\u00e9z\u0151 befektet\u0151 tal\u00e1lkozhat. Ha az AI-fogad\u00e1s siker\u00fcl, ha a Starship \u00fczemel, ha a Starlink lefedi a bolyg\u00f3 feh\u00e9r foltjait, \u00e9s ha Musk politikai-\u00fczleti elk\u00f6telezetts\u00e9ge nem rombolja a c\u00e9g \u00e9rt\u00e9k\u00e9t, akkor a jelenlegi \u00e9rt\u00e9kel\u00e9s \u00e9vek m\u00falva teljesen racion\u00e1lisnak l\u00e1tszhat. Ha valamelyik domino eld\u0151l, p\u00e9ld\u00e1ul, ha az xAI nem t\u00f6ri \u00e1t a piaci g\u00e1tat, ami a felhaszn\u00e1l\u00f3k n\u00f6veked\u00e9s\u00e9hez sz\u00fcks\u00e9ges, vagy a Starship fejleszt\u00e9se cs\u00faszik, esetleg egy bels\u0151  botr\u00e1ny befektet\u0151i elv\u00e1ndorl\u00e1st okoz, az a r\u00e9szv\u00e9ny\u00e1rfolyamban ar\u00e1nytalan es\u00e9st hozhat, mik\u00f6zben a r\u00e9szv\u00e9nyesnek jogilag semmi eszk\u00f6ze nincs a menedzsment elsz\u00e1moltat\u00e1s\u00e1ra.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/SpaceX-fun.jpg.webp\" alt=\"\u00edg\u00e9retekb\u0151l m\u00e1r rengeteg van, m\u00e1r csak nyeres\u00e9get kellene a SpaceX eset\u00e9ben kitermelni\" class=\"wp-image-11623 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/572;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/SpaceX-fun.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/SpaceX-fun-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/SpaceX-fun-768x429.jpg.webp 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Gemini, \u00edg\u00e9retekb\u0151l m\u00e1r rengeteg van, m\u00e1r csak nyeres\u00e9get kellene a SpaceX eset\u00e9ben kitermelni<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> sz\u00e1momra messzir\u0151l ord\u00edt, hogy Elon Musk a piaccal akarja megfinansz\u00edroztatni azt a vesztes\u00e9get, amit eddig termeltek a c\u00e9gei. A strukt\u00fara teljesen \u00f6nk\u00e9nyuralmi rendszerre hasonl\u00edt, ilyeneket kor\u00e1bban csak startupok kapcs\u00e1n l\u00e1ttam, \u00e9s arr\u00f3l el\u00e9g sokat \u00edrtam itt a blogon, hogy ezekb\u0151l mennyire rosszul siker\u00fclt eddig kij\u00f6nn\u00f6m (4 c\u00e9g kapcs\u00e1n volt eddig 100%-os vesztes\u00e9gem):<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-egyszeruen-erthetoen\/\">Startup portf\u00f3li\u00f3 kialak\u00edt\u00e1sa egyszer\u0171en, \u00e9rthet\u0151en I.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-befektetesek-kisokos-minden-amit-tudnod-kell-rola\/\">K\u00f6z\u00f6ss\u00e9gi finansz\u00edroz\u00e1s, \u00e9s amit tudnotok kell r\u00f3la II.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-platformok-es-amit-tudni-kell-roluk\/\">Startup platformok m\u0171k\u00f6d\u00e9se 2025-ben val\u00f3s tapasztalatok alapj\u00e1n III.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/a-kozossegi-finanszirozas-trukkjei-amiket-erdemes-ismernetek\/\">K\u00f6z\u00f6ss\u00e9gi finansz\u00edroz\u00e1s, \u00e9s amit tudnotok kell r\u00f3la 2025-ben IV.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-exit-a-buktatok-ezer-arca-szerzodesbe-kodolva\/\">Startup exit \u2013 A buktat\u00f3k ezer arca V.<\/a><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">A fentiekb\u0151l a l\u00e9nyeg az, hogy nagyon rossz helyzetbe ker\u00fcl az, aki a SpaceX-be fektet: iszonyatosan t\u00fal\u00e1razottan vesz meg egy c\u00e9get, ahol semmilyen joga nem lesz \u00e9s nem tudja, hogy az \u00edg\u00e9retekb\u0151l mi val\u00f3sul meg, p\u00e9ld\u00e1ul eljut-e valaha a Marsra a c\u00e9g vagy lesznek-e 2028-ra az \u0171rben a F\u00f6ld k\u00f6r\u00fcl kering\u0151 AI adatk\u00f6zpontok (igen, ezek benne vannak az IPO prospektusban). Ha a Starlinket kivehetn\u00e9tek a pakkb\u00f3l, akkor az egy nagyon \u00e9rdekes v\u00e9tel lehetne, \u00edgy viszont egy felh\u00edg\u00edtott maszlag lesz az eg\u00e9szb\u0151l, pokoli \u00e1raz\u00e1ssal. Miel\u0151tt valaki azt gondoln\u00e1, csak nekem ez a v\u00e9lem\u00e9nyem, \u00e9rdemes az al\u00e1bbi cikket elolvasni a CNN-en:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\ude80<a href=\"https:\/\/edition.cnn.com\/2026\/05\/21\/business\/spacex-ipo-prospectus-strangest-things\" target=\"_blank\" rel=\"noreferrer noopener\">The 5 strangest things about SpaceX\u2019s IPO prospectus<\/a><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"osszegzese\">A SpaceX (SPCX) helyzet\u00e9nek \u00f6sszegz\u00e9se<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A SpaceX az emberi technol\u00f3giat\u00f6rt\u00e9nelem egyik legleny\u0171g\u00f6z\u0151bb v\u00e1llalkoz\u00e1sa. Ez t\u00e9ny. A Falcon 9 visszat\u00e9r\u0151 rak\u00e9ta els\u0151 fokozata, a Starlink-konstell\u00e1ci\u00f3, a Starship fejleszt\u00e9si program \u00e9s a NASA\u2013DoD kapcsolatok val\u00f3di \u00e9s tart\u00f3s \u00e9rt\u00e9ket k\u00e9pviselnek. Ez is t\u00e9ny.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az IPO k\u00f6r\u00fcli k\u00e9rd\u00e9sek azonban nem a technol\u00f3gi\u00e1r\u00f3l sz\u00f3lnak, hanem az \u00e9rt\u00e9kel\u00e9sr\u0151l, a v\u00e1llalatir\u00e1ny\u00edt\u00e1sr\u00f3l \u00e9s a kock\u00e1zatok eloszt\u00e1s\u00e1r\u00f3l. A ~1750 milli\u00e1rd USD-s \u00e9rt\u00e9kel\u00e9s egy 18.67 milli\u00e1rd USD-s bev\u00e9tel\u0171, 4.94 milli\u00e1rd USD-s vesztes\u00e9get termel\u0151 v\u00e1llalatra ~94x EV\/Sales-t jelent, de a legt\u00f6bb metrika ki sem sz\u00e1molhat\u00f3 (pl. P\/E, P\/FCF), mert nem termel a c\u00e9g nyeres\u00e9get, \u00edgy az oszt\u00e1sok negat\u00edv sz\u00e1mok garmad\u00e1j\u00e1t eredm\u00e9nyezn\u00e9k. \u00d6sszehasonl\u00edt\u00e1sk\u00e9ppen a Palantir, amelyet a piac dr\u00e1g\u00e1nak tart, ~61x EV\/Sales-en forog, profit\u00e1bilisan. A SpaceX \u00e9rt\u00e9kel\u00e9se nem az operat\u00edv teljes\u00edtm\u00e9nyt, hanem a j\u00f6v\u0151beli potenci\u00e1lt \u00e1razza be, teljes eg\u00e9sz\u00e9ben.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83d\udc46<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">A befektet\u00e9si d\u00f6nt\u00e9s l\u00e9nyege ez\u00e9rt nem az, hogy j\u00f3-e a SpaceX, hanem az, hogy hajland\u00f3-e valaki 135 USD-n r\u00e9szv\u00e9nyt venni egy olyan v\u00e1llalatban, ahol nincs szavazati joga, nincs elsz\u00e1moltathat\u00f3s\u00e1g, a t\u0151ke egy r\u00e9sz\u00e9t azonnal ad\u00f3ss\u00e1gt\u00f6rleszt\u00e9sre ford\u00edtj\u00e1k, \u00e9s az egyetlen nyeres\u00e9ges szegmens nyeres\u00e9g\u00e9t az AI-amb\u00edci\u00f3k el\u00e9getik. <\/mark><\/strong><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">Ha igen, az AI- \u00e9s \u0171ripar egyik legizgalmasabb opci\u00f3j\u00e1ra fogad. Ha nem, az is teljesen racion\u00e1lis d\u00f6nt\u00e9s. Az igaz\u00e1n vonz\u00f3 bel\u00e9p\u00e9si ablakok a SpaceX-n\u00e9l, ha egy\u00e1ltal\u00e1n bek\u00f6vetkeznek, val\u00f3sz\u00edn\u0171leg az IPO ut\u00e1ni hetek volatilit\u00e1s\u00e1ban ny\u00edlnak majd meg, miut\u00e1n a Nasdaq-felv\u00e9tel passz\u00edv kereslete lecsillapodik \u00e9s az els\u0151 negyed\u00e9ves jelent\u00e9sek t\u00e9nyleges sz\u00e1mokat hoznak a piacra. <strong>Viszont a konstans probl\u00e9m\u00e1k, mint a v\u00e1llalatir\u00e1ny\u00edt\u00e1s egyoldal\u00fas\u00e1ga vagy a m\u00e9rf\u00f6ldk\u00f6vek ut\u00e1n j\u00e1r\u00f3 brut\u00e1lis r\u00e9szv\u00e9nypakettek, akkor sem fognak megv\u00e1ltozni.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Ha pedig tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9ny- \u00e9s portf\u00f3li\u00f3 kezel\u0151j\u00e9t, amit itt \u00e9rtek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/strong><\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<!-- ============================================================\n     GY\u00cdK ACCORDION - iO Charts (SpaceX cikk)\n     ============================================================ -->\n<style>\n.io-faq {\n  --faq-navy:      #1b3a5f;\n  --faq-accent:    #e2662c;\n  --faq-text:      #333333;\n  --faq-line:      #dfe5ec;\n  --faq-hover:     #eef4fa;\n  --faq-bg:        #f4f8fc;\n\n  background: var(--faq-bg);\n  padding: 2em 2em 1.5em 2em;\n  border-radius: 10px;\n  max-width: 100%;\n  margin: 2.5em 0;\n}\n\n.io-faq__title {\n  text-align: center;\n  color: var(--faq-navy);\n  margin: 0 0 1.5em 0;\n}\n\n.io-faq__subtitle {\n  display: flex;\n  align-items: center;\n  gap: 1.1em;\n  color: var(--faq-accent);\n  margin: 0 0 1.8em 0;\n  font-size: .95em;\n  white-space: nowrap;\n}\n\n.io-faq__subtitle::before,\n.io-faq__subtitle::after {\n  content: \"\";\n  flex: 1;\n  height: 1px;\n  opacity: .45;\n}\n\n.io-faq__subtitle::before {\n  background: linear-gradient(to right, transparent, var(--faq-accent));\n}\n\n.io-faq__subtitle::after {\n  background: linear-gradient(to left, transparent, var(--faq-accent));\n}\n\n.io-faq__intro {\n  text-align: left;\n  color: var(--faq-text);\n  line-height: 1.7;\n  margin: 0 0 2em 0;\n}\n\n.io-faq__intro p { margin: 0 0 .9em 0; }\n.io-faq__intro p:last-child { margin-bottom: 0; }\n\n.io-faq__item {\n  border-bottom: 1px solid var(--faq-line);\n}\n\n.io-faq__item:first-of-type {\n  border-top: 1px solid var(--faq-line);\n}\n\n.io-faq__q {\n  display: block;\n  padding: 18px 44px 18px 4px;\n  margin: 0;\n  cursor: pointer;\n  position: relative;\n  list-style: none;\n  transition: background .15s ease;\n}\n\n.io-faq__q::-webkit-details-marker { display: none; }\n.io-faq__q::marker { content: \"\"; }\n\n.io-faq__q:hover { background: var(--faq-hover); }\n\n.io-faq__q h3 {\n  margin: 0;\n  padding: 0;\n  font-size: 1.08em;\n  font-weight: 700;\n  line-height: 1.45;\n  color: var(--faq-navy);\n  font-family: inherit;\n  border: 0;\n}\n\n.io-faq__q::after {\n  content: \"\";\n  position: absolute;\n  right: 14px;\n  top: 50%;\n  width: 9px;\n  height: 9px;\n  border-right: 2px solid var(--faq-navy);\n  border-bottom: 2px solid var(--faq-navy);\n  transform: translateY(-70%) rotate(45deg);\n  transition: transform .25s ease;\n}\n\n.io-faq__item[open] .io-faq__q h3 { color: var(--faq-accent); }\n\n.io-faq__item[open] .io-faq__q::after {\n  border-color: var(--faq-accent);\n  transform: translateY(-25%) rotate(-135deg);\n}\n\n.io-faq__a {\n  padding: 0 44px 20px 4px;\n  color: var(--faq-text);\n  line-height: 1.7;\n}\n\n.io-faq__a p { margin: 0 0 .8em 0; }\n.io-faq__a p:last-child { margin-bottom: 0; }\n\n.io-faq__disclaimer {\n  margin: 2em 0 0 0;\n  padding: 16px 18px;\n  border-left: 3px solid var(--faq-accent);\n  background: rgba(255, 255, 255, .55);\n  border-radius: 6px;\n  color: var(--faq-text);\n  font-size: .85em;\n  font-style: italic;\n  line-height: 1.6;\n  opacity: .9;\n}\n\n.io-faq__disclaimer strong {\n  font-style: normal;\n  color: var(--faq-navy);\n}\n\n@media (max-width: 600px) {\n  .io-faq { padding: 1.5em 1.2em 1em 1.2em; }\n  .io-faq__q { padding: 15px 38px 15px 2px; }\n  .io-faq__q h3 { font-size: 1em; }\n  .io-faq__a { padding: 0 10px 16px 2px; }\n  .io-faq__disclaimer { padding: 14px; }\n}\n\n@media (max-width: 480px) {\n  .io-faq__subtitle { gap: .6em; font-size: .85em; }\n}\n<\/style>\n\n<div class=\"io-faq\" id=\"gyik\">\n  <h2 class=\"io-faq__title\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek a SpaceX r\u00e9szv\u00e9nyr\u0151l<\/h2>\n  <p class=\"io-faq__subtitle\">V\u00e1laszok a leggyakoribb k\u00e9rd\u00e9sekre<\/p>\n  <div class=\"io-faq__intro\">\n    <p>SpaceX r\u00e9szv\u00e9nyt jegyezn\u00e9l az IPO-n, vagy csak tiszt\u00e1n akarsz l\u00e1tni a sztoriban? Itt t\u00f6m\u00f6r v\u00e1laszokat tal\u00e1lsz a legt\u00f6bbet k\u00e9rdezett t\u00e9m\u00e1kra: hol \u00e9s mikor lehet jegyezni, mi\u00e9rt ennyi az \u00e9rt\u00e9kelts\u00e9g egy vesztes\u00e9ges c\u00e9gn\u00e9l, mit jelent konkr\u00e9tan a Musk-kock\u00e1zat, mennyire biztons\u00e1gos a pap\u00edr, \u00e9s mi\u00e9rt a Starlink az egyetlen nyeres\u00e9ges \u00fczlet\u00e1g.<\/p>\n    <p>Kattints b\u00e1rmelyik k\u00e9rd\u00e9sre, \u00e9s kiny\u00edlik a v\u00e1lasz. Ezek sz\u00e1nd\u00e9kosan r\u00f6vid \u00f6sszefoglal\u00f3k: ha a r\u00e9szletek is \u00e9rdekelnek, azokat feljebb, az elemz\u00e9s megfelel\u0151 fejezeteiben bontom ki b\u0151vebben. Fontos: a SpaceX k\u00f6r\u00fcli adatok az IPO-prospektusb\u00f3l sz\u00e1rmaznak, t\u00e9nyleges t\u0151zsdei besz\u00e1mol\u00f3k m\u00e9g nincsenek, ez\u00e9rt mindent fenntart\u00e1sokkal \u00e9rdemes kezelni.<\/p>\n  <\/div>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mikor \u00e9s hol lehet SpaceX r\u00e9szv\u00e9nyt venni az IPO-n?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A SpaceX v\u00e1rhat\u00f3an 2026. j\u00fanius 12-\u00e9n l\u00e9p t\u0151zsd\u00e9re a Nasdaqon SPCX ticker alatt (a TradingView SPCX ticker alatt m\u00e1r mutatja), 135 USD-os kibocs\u00e1t\u00e1si \u00e1ron. A r\u00e9szv\u00e9nyek \u00f6t br\u00f3kerh\u00e1zon kereszt\u00fcl jegyezhet\u0151k: Fidelity (min. 500 000 USD portf\u00f3li\u00f3egyenleg), Charles Schwab (min. 100 000 USD likvid vagyon), Morgan Stanley E-Trade, Robinhood \u00e9s SoFi, az ut\u00f3bbi h\u00e1romn\u00e1l nincs minimumk\u00f6vetelm\u00e9ny a kisbefektet\u0151k sz\u00e1m\u00e1ra. A kioszt\u00e1s egyik esetben sem garant\u00e1lt, \u00e9s a nagyfok\u00fa \u00e9rdekl\u0151d\u00e9s miatt a retail-kv\u00f3t\u00e1b\u00f3l mindenki val\u00f3sz\u00edn\u0171leg csak t\u00f6red\u00e9knyi allok\u00e1ci\u00f3t kap.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi\u00e9rt ~1750 milli\u00e1rd USD a SpaceX \u00e9rt\u00e9kelts\u00e9ge, ha vesztes\u00e9ges?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A SpaceX \u00e9rt\u00e9kelts\u00e9ge nem az aktu\u00e1lis profitabilit\u00e1son, hanem a j\u00f6v\u0151beli lehet\u0151s\u00e9geken alapul. A befektet\u0151k a Starlink potenci\u00e1lis bev\u00e9teln\u00f6veked\u00e9s\u00e9t, a Starship transzformat\u00edv hat\u00e1s\u00e1t \u00e9s az AI-szegmens hossz\u00fa t\u00e1v\u00fa \u00e9rt\u00e9k\u00e9t \u00e1razz\u00e1k be. Ez egy tipikus \u201eoption value\u201d alap\u00fa \u00e9rt\u00e9kel\u00e9s, a c\u00e9g mai \u00e1llapota helyett azt fizeti meg a piac, ami a c\u00e9g a k\u00f6vetkez\u0151 10\u201315 \u00e9vben lehet. Az \u00e9rt\u00e9kelts\u00e9g indokolt-e? Egyes forr\u00e1sok szerint a c\u00e9g halmozottan k\u00f6zel 40 milli\u00e1rd USD-t vesz\u00edtett 2003 \u00f3ta, \u00e9s a prospektus maga sem garant\u00e1lja a j\u00f6v\u0151beli nyeres\u00e9gess\u00e9get.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mik az Elon Musk-kock\u00e1zat konkr\u00e9t megnyilv\u00e1nul\u00e1sai a SpaceX eset\u00e9ben?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A SpaceX-befektet\u0151 sz\u00e1m\u00e1ra a Musk-kock\u00e1zat h\u00e1rom helyen \u00e9rthet\u0151 tetten: (1) ir\u00e1ny\u00edt\u00e1si kock\u00e1zat \u2013 Musk ~84%-os szavazati kontrollj\u00e1val egyed\u00fcli d\u00f6nt\u00e9shoz\u00f3, az igazgat\u00f3s\u00e1g minden tagj\u00e1t \u0151 nevezi ki, a r\u00e9szv\u00e9nyesek jogilag korl\u00e1tozottan k\u00e9rhetik sz\u00e1mon a d\u00f6nt\u00e9seket; (2) kapcsolt tranzakci\u00f3s kock\u00e1zat \u2013 a Tesla, az xAI, az X \u00e9s m\u00e1s Musk-\u00e9rdekelts\u00e9gek k\u00f6z\u00f6tti p\u00e9nz\u00fcgyi kapcsolatok verseng\u0151 \u00e9rdekeket teremthetnek; (3) szem\u00e9lyes kock\u00e1zat \u2013 Musk politikai elk\u00f6telezetts\u00e9ge (DOGE, Trump-kapcsolat, X-platform) a Tesla-r\u00e9szv\u00e9nyn\u00e9l m\u00e1r bizony\u00edtotta, hogy a szem\u00e9lyes botr\u00e1nyok a c\u00e9g\u00e9rt\u00e9ket is \u00e9rintik.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Biztons\u00e1gos-e az IPO-n v\u00e1s\u00e1rolt SpaceX r\u00e9szv\u00e9ny?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Semmilyen r\u00e9szv\u00e9ny nem \u201ebiztons\u00e1gos\u201d abszol\u00fat \u00e9rtelemben. A SpaceX eset\u00e9ben a legfontosabb figyelmeztet\u00e9sek: a 10 legnagyobb IPO k\u00f6z\u00fcl historikusan 7 alulteljes\u00edtette az S&amp;P 500-at az els\u0151 \u00e9vben; a r\u00e9szv\u00e9nyesek szavazati joga minim\u00e1lis; a c\u00e9g ny\u00edltan k\u00f6zli a prospektusban, hogy a profitabilit\u00e1s nem garant\u00e1lt. Ugyanakkor a SpaceX rak\u00e9ta- \u00e9s Starlink-\u00fczlet\u00e1ga val\u00f3ban er\u0151s versenypoz\u00edci\u00f3t k\u00e9pvisel. Aki hossz\u00fa t\u00e1von, magas kock\u00e1zatt\u0171r\u00e9ssel, az AI \u00e9s az \u0171ripar j\u00f6v\u0151j\u00e9be vetett hittel fektet be, annak \u00e9rdekes lehet a v\u00e1llalat. Aki t\u0151k\u00e9j\u00e9nek biztons\u00e1g\u00e1t helyezi el\u0151t\u00e9rbe, annak a kiv\u00e1r\u00e1s \u00e9s a t\u0151zsdei bevezet\u00e9s ut\u00e1ni \u00e1ralakul\u00e1s figyel\u00e9se a racion\u00e1lisabb d\u00f6nt\u00e9s, vagy egyszer\u0171en az, ha berakja a SpaceX-et a \u201etoo hard basket\u201d kateg\u00f3ri\u00e1ba.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi az a Starlink, \u00e9s mi\u00e9rt az egyetlen nyeres\u00e9ges \u00fczlet\u00e1g a SpaceX-ben?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A Starlink egy alacsony p\u00e1ly\u00e1n kering\u0151 m\u0171holdakb\u00f3l \u00e1ll\u00f3 konstell\u00e1ci\u00f3 (9600+ akt\u00edv m\u0171hold, 164 orsz\u00e1g), amely sz\u00e9less\u00e1v\u00fa internetet biztos\u00edt szinte b\u00e1rhol a F\u00f6ld\u00f6n. 2025 v\u00e9g\u00e9n ~10.3 milli\u00f3 el\u0151fizet\u0151je volt (2026. m\u00e1rcius 31., IPO prospektus), az el\u0151fizet\u0151i \u00e1tlagbev\u00e9tel (ARPU) 120 USD\/h\u00f3. A Starlink 2025-\u00f6s EBIT-je +4.423 milli\u00e1rd USD volt, ez az egyetlen szegmens, amely nyeres\u00e9ges. Az\u00e9rt nyeres\u00e9ges, mert a m\u0171holdkonstell\u00e1ci\u00f3 ki\u00e9p\u00edt\u00e9si szakasza nagyr\u00e9szt lez\u00e1rult, \u00e9s az inkrement\u00e1lis CapEx j\u00f3val kisebb, mint az el\u0151fizet\u0151kb\u0151l \u00e9rkez\u0151 bev\u00e9tel. A Starlink struktur\u00e1lisan is v\u00e9dett: a vet\u00e9lyt\u00e1rsaknak (Amazon Kuiper, Telesat Lightspeed) \u00e9vek kellenek, hogy hasonl\u00f3 m\u00e9ret\u0171 konstell\u00e1ci\u00f3t \u00e9p\u00edtsenek.<\/p>\n    <\/div>\n  <\/details>\n  <p class=\"io-faq__disclaimer\">\n    <strong>Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer):<\/strong> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket. Az itt megjelen\u0151 cikkek semmilyen form\u00e1ban NEM mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni. Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s NEM \u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban NEM tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra. A meghozott d\u00f6nt\u00e9seitek\u00e9rt KIZ\u00c1R\u00d3LAG TI vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.\n  <\/p>\n<\/div>\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@graph\": [\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#article\",\n      \"about\": {\n        \"@type\": \"Corporation\",\n        \"name\": \"Space Exploration Technologies Corp.\",\n        \"alternateName\": [\"SpaceX\", \"SPCX\"],\n        \"tickerSymbol\": \"SPCX\",\n        \"url\": \"https:\/\/www.spacex.com\/\",\n        \"foundingDate\": \"2002\",\n        \"founder\": { \"@type\": \"Person\", \"name\": \"Elon Musk\" },\n        \"description\": \"Kaliforniai (Hawthorne) sz\u00e9khely\u0171 rak\u00e9tatechnol\u00f3giai \u00e9s \u0171ripari v\u00e1llalat, amely 2026 j\u00fanius\u00e1ban l\u00e9pett t\u0151zsd\u00e9re a Nasdaqon. H\u00e1rom szegmensben m\u0171k\u00f6dik: Space (Falcon 9, Falcon Heavy, Starship), Connectivity (Starlink m\u0171holdas internet, ~10.3 milli\u00f3 el\u0151fizet\u0151vel) \u00e9s AI (xAI, X platform). A vil\u00e1g p\u00e1ly\u00e1ra \u00e1ll\u00edtott m\u0171holdjainak k\u00f6zel 80%-\u00e1t juttatja fel. Az IPO-\u00e9rt\u00e9kelts\u00e9g ~1750\u20131800 milli\u00e1rd USD, a tervezett t\u0151kebevon\u00e1s ~75 milli\u00e1rd USD.\"\n      },\n      \"mentions\": [\n        { \"@type\": \"Corporation\", \"name\": \"Tesla, Inc.\", \"tickerSymbol\": \"TSLA\" },\n        { \"@type\": \"Corporation\", \"name\": \"Alphabet Inc.\", \"tickerSymbol\": \"GOOGL\" },\n        { \"@type\": \"Corporation\", \"name\": \"Amazon.com, Inc.\", \"tickerSymbol\": \"AMZN\" },\n        { \"@type\": \"Corporation\", \"name\": \"Palantir Technologies Inc.\", \"tickerSymbol\": \"PLTR\" },\n        { \"@type\": \"Corporation\", \"name\": \"Rocket Lab Corporation\", \"tickerSymbol\": \"RKLB\" },\n        { \"@type\": \"Corporation\", \"name\": \"Wizz Air Holdings Plc\", \"tickerSymbol\": \"WIZZ\" },\n        { \"@type\": \"Corporation\", \"name\": \"Morgan Stanley\", \"tickerSymbol\": \"MS\" },\n        { \"@type\": \"Corporation\", \"name\": \"The Charles Schwab Corporation\", \"tickerSymbol\": \"SCHW\" },\n        { \"@type\": \"Corporation\", \"name\": \"Robinhood Markets, Inc.\", \"tickerSymbol\": \"HOOD\" },\n        { \"@type\": \"Corporation\", \"name\": \"SoFi Technologies, Inc.\", \"tickerSymbol\": \"SOFI\" },\n        { \"@type\": \"Organization\", \"name\": \"xAI Corp.\", \"description\": \"Elon Musk mesters\u00e9ges intelligencia v\u00e1llalata, a Grok modellcsal\u00e1d fejleszt\u0151je; a SpaceX 2026-ban 250 milli\u00e1rd USD \u00e9rt\u00e9ken szerezte meg.\" },\n        { \"@type\": \"Organization\", \"name\": \"X Corp.\", \"alternateName\": \"Twitter\", \"description\": \"K\u00f6z\u00f6ss\u00e9gi m\u00e9diaplatform, amely az AI szegmens r\u00e9szek\u00e9nt ker\u00fclt a SpaceX-hez.\" },\n        { \"@type\": \"Organization\", \"name\": \"OpenAI\", \"description\": \"Az xAI f\u0151 versenyt\u00e1rsa a nagy nyelvi modellek piac\u00e1n.\" },\n        { \"@type\": \"Organization\", \"name\": \"Anthropic PBC\", \"description\": \"Az xAI f\u0151 versenyt\u00e1rsa a nagy nyelvi modellek piac\u00e1n.\" },\n        { \"@type\": \"Organization\", \"name\": \"NASA\", \"alternateName\": \"National Aeronautics and Space Administration\", \"description\": \"A SpaceX egyik legfontosabb megrendel\u0151je; a Commercial Crew \u00e9s az Artemis HLS program partnere.\" },\n        { \"@type\": \"Organization\", \"name\": \"United States Department of Defense\", \"description\": \"A SpaceX egyik kulcs\u00fcgyfele az ind\u00edt\u00e1si szolg\u00e1ltat\u00e1sokban.\" },\n        { \"@type\": \"Organization\", \"name\": \"National Reconnaissance Office\", \"alternateName\": \"NRO\", \"description\": \"Amerikai felder\u00edt\u00e9si hivatal, a SpaceX m\u0171holdind\u00edt\u00e1si \u00fcgyfele.\" },\n        { \"@type\": \"Organization\", \"name\": \"Nasdaq, Inc.\", \"description\": \"A SpaceX t\u0151zsdei bevezet\u00e9s\u00e9nek helysz\u00edne; 2026 m\u00e1jus\u00e1ban m\u00f3dos\u00edtott indexbesorol\u00e1si szab\u00e1lyokkal.\" },\n        { \"@type\": \"Organization\", \"name\": \"Fidelity Investments\", \"description\": \"Az IPO-jegyz\u00e9st k\u00edn\u00e1l\u00f3 br\u00f3kerh\u00e1zak egyike.\" },\n        { \"@type\": \"Organization\", \"name\": \"Valor Equity Partners\", \"description\": \"Antonio Gracias befektet\u00e9si t\u00e1rsas\u00e1ga, amely visszl\u00edzing-\u00fcgyletben szerepel a SpaceX k\u00f6nyveiben.\" },\n        { \"@type\": \"Organization\", \"name\": \"U.S. Securities and Exchange Commission\", \"alternateName\": \"SEC\", \"description\": \"Az amerikai \u00e9rt\u00e9kpap\u00edr-fel\u00fcgyelet, ahov\u00e1 a SpaceX az IPO-prospektus\u00e1t beny\u00fajtotta.\" },\n        { \"@type\": \"Person\", \"name\": \"Elon Musk\", \"jobTitle\": \"alap\u00edt\u00f3 \u00e9s vez\u00e9rigazgat\u00f3\", \"worksFor\": { \"@type\": \"Organization\", \"name\": \"Space Exploration Technologies Corp.\" } },\n               { \"@type\": \"Thing\", \"name\": \"Starlink\", \"description\": \"A SpaceX m\u0171holdas sz\u00e9less\u00e1v\u00fa internetszolg\u00e1ltat\u00e1sa; 9600+ akt\u00edv m\u0171hold, 164 orsz\u00e1g, ~10.3 milli\u00f3 el\u0151fizet\u0151, 120 USD\/h\u00f3 ARPU.\" },\n        { \"@type\": \"Thing\", \"name\": \"Falcon 9\", \"description\": \"A SpaceX \u00fajrahaszn\u00e1lhat\u00f3 els\u0151 fokozat\u00fa hordoz\u00f3rak\u00e9t\u00e1ja; egy fokozat 20+ rep\u00fcl\u00e9st is teljes\u00edthet.\" },\n        { \"@type\": \"Thing\", \"name\": \"Falcon Heavy\", \"description\": \"A SpaceX neh\u00e9z hordoz\u00f3rak\u00e9t\u00e1ja.\" },\n        { \"@type\": \"Thing\", \"name\": \"Starship\", \"description\": \"A SpaceX fejleszt\u00e9s alatt \u00e1ll\u00f3, teljesen \u00fajrahaszn\u00e1lhat\u00f3 rak\u00e9tarendszere; az Artemis Hold-program lesz\u00e1ll\u00f3egys\u00e9ge.\" },\n        { \"@type\": \"Thing\", \"name\": \"Grok\", \"description\": \"Az xAI nagy nyelvi modellje, ~3%-os piaci r\u00e9szesed\u00e9ssel.\" }\n      ],\n      \"citation\": [\n        {\n          \"@type\": \"WebPage\",\n          \"name\": \"SpaceX IPO-prospektus (S-1), SEC EDGAR\",\n          \"publisher\": { \"@type\": \"Organization\", \"name\": \"U.S. Securities and Exchange Commission\" },\n          \"url\": \"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1181412\/000162828026036936\/spaceexplorationtechnologi.htm\"\n        },\n        {\n          \"@type\": \"WebPage\",\n          \"name\": \"The 5 strangest things about SpaceX's IPO prospectus\",\n          \"publisher\": { \"@type\": \"Organization\", \"name\": \"CNN\" },\n          \"url\": \"https:\/\/edition.cnn.com\/2026\/05\/21\/business\/spacex-ipo-prospectus-strangest-things\"\n        },\n        {\n          \"@type\": \"WebPage\",\n          \"name\": \"SpaceX hivatalos v\u00e1llalati oldal\",\n          \"publisher\": { \"@type\": \"Organization\", \"name\": \"Space Exploration Technologies Corp.\" },\n          \"url\": \"https:\/\/www.spacex.com\/\"\n        },\n        {\n          \"@type\": \"WebPage\",\n          \"name\": \"SpaceX szegmensbont\u00e1s \u00e9s p\u00e9nz\u00fcgyi adatok\",\n          \"publisher\": { \"@type\": \"Organization\", \"name\": \"Fiscal.ai\" },\n          \"url\": \"https:\/\/fiscal.ai\/\"\n        }\n      ]\n    },\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/#\/schema\/person\/e285f855a6a9b806cd03c0b62f1c5831\",\n      \"alternateName\": [\"M\u00e1rton J. Bulla\", \"Don Kart\u00e1cs\"],\n      \"givenName\": \"M\u00e1rton\",\n      \"familyName\": \"Bulla\",\n      \"jobTitle\": \"Fundament\u00e1lis elemz\u0151\",\n      \"nationality\": { \"@type\": \"Country\", \"name\": \"Magyarorsz\u00e1g\" },\n      \"knowsAbout\": [\n        \"fundament\u00e1lis r\u00e9szv\u00e9nyelemz\u00e9s\",\n        \"sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalatok\",\n        \"t\u0151keallok\u00e1ci\u00f3\",\n        \"ROIC \u00e9s tulajdonosi \u00e9rt\u00e9kteremt\u00e9s\",\n        \"koncentr\u00e1lt r\u00e9szv\u00e9nyportf\u00f3li\u00f3\"\n      ],\n      \"worksFor\": { \"@id\": \"https:\/\/iocharts.io\/blog\/#organization\" },\n      \"sameAs\": [\n        \"https:\/\/rendeljkinait.hu\/author\/jackal\/\"\n      ]\n    },\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/#organization\",\n      \"alternateName\": \"iOCharts\",\n      \"description\": \"Magyar nyelv\u0171 befektet\u00e9si elemz\u0151 blog, amely fundament\u00e1lis r\u00e9szv\u00e9nyelemz\u00e9seket, piaci h\u00edreket \u00e9s befektet\u00e9si alapismereteket publik\u00e1l.\",\n      \"knowsLanguage\": \"hu\"\n    },\n\n    {\n      \"@type\": \"FAQPage\",\n      \"@id\": \"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#faq\",\n      \"isPartOf\": { \"@id\": \"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/\" },\n      \"inLanguage\": \"hu\",\n      \"mainEntity\": [\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mikor \u00e9s hol lehet SpaceX r\u00e9szv\u00e9nyt venni az IPO-n?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A SpaceX v\u00e1rhat\u00f3an 2026. j\u00fanius 12-\u00e9n l\u00e9p t\u0151zsd\u00e9re a Nasdaqon SPACE ticker alatt (a TradingView SPCX ticker alatt m\u00e1r mutatja), 135 USD-os kibocs\u00e1t\u00e1si \u00e1ron. A r\u00e9szv\u00e9nyek \u00f6t br\u00f3kerh\u00e1zon kereszt\u00fcl jegyezhet\u0151k: Fidelity (min. 500 000 USD portf\u00f3li\u00f3egyenleg), Charles Schwab (min. 100 000 USD likvid vagyon), Morgan Stanley E-Trade, Robinhood \u00e9s SoFi, az ut\u00f3bbi h\u00e1romn\u00e1l nincs minimumk\u00f6vetelm\u00e9ny a kisbefektet\u0151k sz\u00e1m\u00e1ra. A kioszt\u00e1s egyik esetben sem garant\u00e1lt, \u00e9s a nagyfok\u00fa \u00e9rdekl\u0151d\u00e9s miatt a retail-kv\u00f3t\u00e1b\u00f3l mindenki val\u00f3sz\u00edn\u0171leg csak t\u00f6red\u00e9knyi allok\u00e1ci\u00f3t kap.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi\u00e9rt ~1750 milli\u00e1rd USD a SpaceX \u00e9rt\u00e9kelts\u00e9ge, ha vesztes\u00e9ges?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A SpaceX \u00e9rt\u00e9kelts\u00e9ge nem az aktu\u00e1lis profitabilit\u00e1son, hanem a j\u00f6v\u0151beli lehet\u0151s\u00e9geken alapul. A befektet\u0151k a Starlink potenci\u00e1lis bev\u00e9teln\u00f6veked\u00e9s\u00e9t, a Starship transzformat\u00edv hat\u00e1s\u00e1t \u00e9s az AI-szegmens hossz\u00fa t\u00e1v\u00fa \u00e9rt\u00e9k\u00e9t \u00e1razz\u00e1k be. Ez egy tipikus option value alap\u00fa \u00e9rt\u00e9kel\u00e9s, a c\u00e9g mai \u00e1llapota helyett azt fizeti meg a piac, ami a c\u00e9g a k\u00f6vetkez\u0151 10\u201315 \u00e9vben lehet. Az \u00e9rt\u00e9kelts\u00e9g indokolt-e? Egyes forr\u00e1sok szerint a c\u00e9g halmozottan k\u00f6zel 40 milli\u00e1rd USD-t vesz\u00edtett 2003 \u00f3ta, \u00e9s a prospektus maga sem garant\u00e1lja a j\u00f6v\u0151beli nyeres\u00e9gess\u00e9get.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mik az Elon Musk-kock\u00e1zat konkr\u00e9t megnyilv\u00e1nul\u00e1sai a SpaceX eset\u00e9ben?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A SpaceX-befektet\u0151 sz\u00e1m\u00e1ra a Musk-kock\u00e1zat h\u00e1rom helyen \u00e9rthet\u0151 tetten: (1) ir\u00e1ny\u00edt\u00e1si kock\u00e1zat \u2013 Musk ~84%-os szavazati kontrollj\u00e1val egyed\u00fcli d\u00f6nt\u00e9shoz\u00f3, az igazgat\u00f3s\u00e1g minden tagj\u00e1t \u0151 nevezi ki, a r\u00e9szv\u00e9nyesek jogilag korl\u00e1tozottan k\u00e9rhetik sz\u00e1mon a d\u00f6nt\u00e9seket; (2) kapcsolt tranzakci\u00f3s kock\u00e1zat \u2013 a Tesla, az xAI, az X \u00e9s m\u00e1s Musk-\u00e9rdekelts\u00e9gek k\u00f6z\u00f6tti p\u00e9nz\u00fcgyi kapcsolatok verseng\u0151 \u00e9rdekeket teremthetnek; (3) szem\u00e9lyes kock\u00e1zat \u2013 Musk politikai elk\u00f6telezetts\u00e9ge (DOGE, Trump-kapcsolat, X-platform) a Tesla-r\u00e9szv\u00e9nyn\u00e9l m\u00e1r bizony\u00edtotta, hogy a szem\u00e9lyes botr\u00e1nyok a c\u00e9g\u00e9rt\u00e9ket is \u00e9rintik.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Biztons\u00e1gos-e az IPO-n v\u00e1s\u00e1rolt SpaceX r\u00e9szv\u00e9ny?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Semmilyen r\u00e9szv\u00e9ny nem biztons\u00e1gos abszol\u00fat \u00e9rtelemben. A SpaceX eset\u00e9ben a legfontosabb figyelmeztet\u00e9sek: a 10 legnagyobb IPO k\u00f6z\u00fcl historikusan 7 alulteljes\u00edtette az S&P 500-at az els\u0151 \u00e9vben; a r\u00e9szv\u00e9nyesek szavazati joga minim\u00e1lis; a c\u00e9g ny\u00edltan k\u00f6zli a prospektusban, hogy a profitabilit\u00e1s nem garant\u00e1lt. Ugyanakkor a SpaceX rak\u00e9ta- \u00e9s Starlink-\u00fczlet\u00e1ga val\u00f3ban er\u0151s versenypoz\u00edci\u00f3t k\u00e9pvisel. Aki hossz\u00fa t\u00e1von, magas kock\u00e1zatt\u0171r\u00e9ssel, az AI \u00e9s az \u0171ripar j\u00f6v\u0151j\u00e9be vetett hittel fektet be, annak \u00e9rdekes lehet a v\u00e1llalat. Aki t\u0151k\u00e9j\u00e9nek biztons\u00e1g\u00e1t helyezi el\u0151t\u00e9rbe, annak a kiv\u00e1r\u00e1s \u00e9s a t\u0151zsdei bevezet\u00e9s ut\u00e1ni \u00e1ralakul\u00e1s figyel\u00e9se a racion\u00e1lisabb d\u00f6nt\u00e9s, vagy egyszer\u0171en az, ha berakja a SpaceX-et a too hard basket kateg\u00f3ri\u00e1ba.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi az a Starlink, \u00e9s mi\u00e9rt az egyetlen nyeres\u00e9ges \u00fczlet\u00e1g a SpaceX-ben?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A Starlink egy alacsony p\u00e1ly\u00e1n kering\u0151 m\u0171holdakb\u00f3l \u00e1ll\u00f3 konstell\u00e1ci\u00f3 (9600+ akt\u00edv m\u0171hold, 164 orsz\u00e1g), amely sz\u00e9less\u00e1v\u00fa internetet biztos\u00edt szinte b\u00e1rhol a F\u00f6ld\u00f6n. 2025 v\u00e9g\u00e9n ~10.3 milli\u00f3 el\u0151fizet\u0151je volt (2026. m\u00e1rcius 31., IPO prospektus), az el\u0151fizet\u0151i \u00e1tlagbev\u00e9tel (ARPU) 120 USD\/h\u00f3. A Starlink 2025-\u00f6s EBIT-je +4.423 milli\u00e1rd USD volt, ez az egyetlen szegmens, amely nyeres\u00e9ges. Az\u00e9rt nyeres\u00e9ges, mert a m\u0171holdkonstell\u00e1ci\u00f3 ki\u00e9p\u00edt\u00e9si szakasza nagyr\u00e9szt lez\u00e1rult, \u00e9s az inkrement\u00e1lis CapEx j\u00f3val kisebb, mint az el\u0151fizet\u0151kb\u0151l \u00e9rkez\u0151 bev\u00e9tel. A Starlink struktur\u00e1lisan is v\u00e9dett: a vet\u00e9lyt\u00e1rsaknak (Amazon Kuiper, Telesat Lightspeed) \u00e9vek kellenek, hogy hasonl\u00f3 m\u00e9ret\u0171 konstell\u00e1ci\u00f3t \u00e9p\u00edtsenek.\"\n          }\n        }\n      ]\n    }\n\n  ]\n}\n<\/script>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? A SpaceX IPO-ja nem egyszer\u0171en egy t\u0151zsdei bevezet\u00e9s, hanem egy kultur\u00e1lis esem\u00e9ny, egy technol\u00f3giai fogad\u00e1s \u00e9s egy governance-vita egyszerre. A valaha volt legnagyobb t\u0151zsdei kibocs\u00e1t\u00e1s tervezett m\u00e9rete (~1750 milli\u00e1rd USD \u00e9rt\u00e9kelts\u00e9g, 75 milli\u00e1rd USD bevon\u00e1s) messze meghaladja a Saudi Aramco, az Alibaba \u00e9s a Softbank IPO-inak \u00f6sszes\u00edtett m\u00e9ret\u00e9t. Mi [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":11626,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[272,31],"tags":[307,129,26,275,74,4,115,415,254],"class_list":["post-11611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-impulse","category-reszvenyelemzes","tag-elon-musk","tag-iocharts","tag-ipo","tag-market-impulse","tag-portfolioblogger","tag-reszveny","tag-reszvenyelemzes","tag-spacex","tag-tesla"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja?<\/title>\n<meta name=\"description\" content=\"SpaceX r\u00e9szv\u00e9ny elemz\u00e9se: minden id\u0151k legnagyobb IPO-ja, 10.3M Starlink-el\u0151fizet\u0151 \u00e9s 1.75 billi\u00f3 USD \u00e9rt\u00e9kel\u00e9s \u2013 de meg\u00e9ri venni?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja?\" \/>\n<meta property=\"og:description\" content=\"SpaceX r\u00e9szv\u00e9ny elemz\u00e9se: minden id\u0151k legnagyobb IPO-ja, 10.3M Starlink-el\u0151fizet\u0151 \u00e9s 1.75 billi\u00f3 USD \u00e9rt\u00e9kel\u00e9s \u2013 de meg\u00e9ri venni?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/\" \/>\n<meta property=\"og:site_name\" content=\"iO Charts\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/iOCharts\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-11T19:04:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-20T10:31:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/06\/SpaceX-nyitokep.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1016\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Marton J. Bulla\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@iOCharts\" \/>\n<meta name=\"twitter:site\" content=\"@iOCharts\" \/>\n<meta name=\"twitter:label1\" content=\"Szerz\u0151:\" \/>\n\t<meta name=\"twitter:data1\" content=\"Marton J. Bulla\" \/>\n\t<meta name=\"twitter:label2\" content=\"Becs\u00fclt olvas\u00e1si id\u0151\" \/>\n\t<meta name=\"twitter:data2\" content=\"23 perc\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/\"},\"author\":{\"name\":\"Marton J. Bulla\",\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/#\\\/schema\\\/person\\\/e285f855a6a9b806cd03c0b62f1c5831\"},\"headline\":\"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja: de meg\u00e9ri?\",\"datePublished\":\"2026-06-11T19:04:45+00:00\",\"dateModified\":\"2026-08-20T10:31:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/\"},\"wordCount\":5311,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/SpaceX-nyitokep.png\",\"keywords\":[\"Elon Musk\",\"iOcharts\",\"IPO\",\"Market Impulse\",\"portfolioblogger\",\"r\u00e9szv\u00e9ny\",\"r\u00e9szv\u00e9nyelemz\u00e9s\",\"SpaceX\",\"Tesla\"],\"articleSection\":[\"Market Impulse: piaci h\u00edrek \u00e9s \u00e1rfolyam elemz\u00e9s\",\"R\u00e9szv\u00e9nyelemz\u00e9s: n\u00f6veked\u00e9s, marzs \u00e9s \u00e9rt\u00e9kelts\u00e9g\"],\"inLanguage\":\"hu\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/\",\"url\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/\",\"name\":\"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja?\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/SpaceX-nyitokep.png\",\"datePublished\":\"2026-06-11T19:04:45+00:00\",\"dateModified\":\"2026-08-20T10:31:13+00:00\",\"description\":\"SpaceX r\u00e9szv\u00e9ny elemz\u00e9se: minden id\u0151k legnagyobb IPO-ja, 10.3M Starlink-el\u0151fizet\u0151 \u00e9s 1.75 billi\u00f3 USD \u00e9rt\u00e9kel\u00e9s \u2013 de meg\u00e9ri venni?\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/#breadcrumb\"},\"inLanguage\":\"hu\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"hu\",\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/#primaryimage\",\"url\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/SpaceX-nyitokep.png\",\"contentUrl\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/SpaceX-nyitokep.png\",\"width\":1016,\"height\":350},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja: de meg\u00e9ri?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/\",\"name\":\"iO Charts\",\"description\":\"Befektet\u00e9s kezd\u0151knek: r\u00e9szv\u00e9ny, ETF, \u00e1llampap\u00edr, kript\u00f3\",\"publisher\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"hu\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/#organization\",\"name\":\"iO Charts\",\"url\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"hu\",\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/logo_no_text-1.png\",\"contentUrl\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/logo_no_text-1.png\",\"width\":113,\"height\":113,\"caption\":\"iO Charts\"},\"image\":{\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/iOCharts\",\"https:\\\/\\\/x.com\\\/iOCharts\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/io-charts\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/#\\\/schema\\\/person\\\/e285f855a6a9b806cd03c0b62f1c5831\",\"name\":\"Marton J. Bulla\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"hu\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9de36d5ad5c3e201c61d9296de2ac511a3176fe676b33d3949658f37497f5b4d?s=96&d=retro&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9de36d5ad5c3e201c61d9296de2ac511a3176fe676b33d3949658f37497f5b4d?s=96&d=retro&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9de36d5ad5c3e201c61d9296de2ac511a3176fe676b33d3949658f37497f5b4d?s=96&d=retro&r=g\",\"caption\":\"Marton J. Bulla\"},\"description\":\"M\u00e1rton J. Bulla is a fundamental analyst and a committed long-term investor. Instead of forecasting macroeconomic trends, he dives deep into individual companies, focusing on capital allocation, value creation, and sustainable growth. His primary interest lies in the world of serial acquirers, and he increasingly focuses on a concentrated portfolio. M\u00e1rton believes in transparency and authenticity: he manages his entire wealth according to the strategy he publishes on the iO Charts blog. 95% of his assets are invested in individual stocks, while the remaining 5% make up his startup portfolio, a journey he has been documenting since 2021. He holds a degree from IBS, complemented by a background in IT, SEO, and marketing, which allows him to evaluate a company\u2019s technological edge and market position with a unique perspective. When he isn't analyzing financial statements, he is a passionate table soccer player.\",\"url\":\"https:\\\/\\\/iocharts.io\\\/blog\\\/author\\\/marton-bulla\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja?","description":"SpaceX r\u00e9szv\u00e9ny elemz\u00e9se: minden id\u0151k legnagyobb IPO-ja, 10.3M Starlink-el\u0151fizet\u0151 \u00e9s 1.75 billi\u00f3 USD \u00e9rt\u00e9kel\u00e9s \u2013 de meg\u00e9ri venni?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/","og_locale":"hu_HU","og_type":"article","og_title":"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja?","og_description":"SpaceX r\u00e9szv\u00e9ny elemz\u00e9se: minden id\u0151k legnagyobb IPO-ja, 10.3M Starlink-el\u0151fizet\u0151 \u00e9s 1.75 billi\u00f3 USD \u00e9rt\u00e9kel\u00e9s \u2013 de meg\u00e9ri venni?","og_url":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/","og_site_name":"iO Charts","article_publisher":"https:\/\/www.facebook.com\/iOCharts","article_published_time":"2026-06-11T19:04:45+00:00","article_modified_time":"2026-08-20T10:31:13+00:00","og_image":[{"width":1016,"height":350,"url":"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/06\/SpaceX-nyitokep.png","type":"image\/png"}],"author":"Marton J. Bulla","twitter_card":"summary_large_image","twitter_creator":"@iOCharts","twitter_site":"@iOCharts","twitter_misc":{"Szerz\u0151:":"Marton J. Bulla","Becs\u00fclt olvas\u00e1si id\u0151":"23 perc"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#article","isPartOf":{"@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/"},"author":{"name":"Marton J. Bulla","@id":"https:\/\/iocharts.io\/blog\/#\/schema\/person\/e285f855a6a9b806cd03c0b62f1c5831"},"headline":"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja: de meg\u00e9ri?","datePublished":"2026-06-11T19:04:45+00:00","dateModified":"2026-08-20T10:31:13+00:00","mainEntityOfPage":{"@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/"},"wordCount":5311,"commentCount":0,"publisher":{"@id":"https:\/\/iocharts.io\/blog\/#organization"},"image":{"@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#primaryimage"},"thumbnailUrl":"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/06\/SpaceX-nyitokep.png","keywords":["Elon Musk","iOcharts","IPO","Market Impulse","portfolioblogger","r\u00e9szv\u00e9ny","r\u00e9szv\u00e9nyelemz\u00e9s","SpaceX","Tesla"],"articleSection":["Market Impulse: piaci h\u00edrek \u00e9s \u00e1rfolyam elemz\u00e9s","R\u00e9szv\u00e9nyelemz\u00e9s: n\u00f6veked\u00e9s, marzs \u00e9s \u00e9rt\u00e9kelts\u00e9g"],"inLanguage":"hu","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/","url":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/","name":"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja?","isPartOf":{"@id":"https:\/\/iocharts.io\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#primaryimage"},"image":{"@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#primaryimage"},"thumbnailUrl":"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/06\/SpaceX-nyitokep.png","datePublished":"2026-06-11T19:04:45+00:00","dateModified":"2026-08-20T10:31:13+00:00","description":"SpaceX r\u00e9szv\u00e9ny elemz\u00e9se: minden id\u0151k legnagyobb IPO-ja, 10.3M Starlink-el\u0151fizet\u0151 \u00e9s 1.75 billi\u00f3 USD \u00e9rt\u00e9kel\u00e9s \u2013 de meg\u00e9ri venni?","breadcrumb":{"@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#breadcrumb"},"inLanguage":"hu","potentialAction":[{"@type":"ReadAction","target":["https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/"]}]},{"@type":"ImageObject","inLanguage":"hu","@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#primaryimage","url":"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/06\/SpaceX-nyitokep.png","contentUrl":"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/06\/SpaceX-nyitokep.png","width":1016,"height":350},{"@type":"BreadcrumbList","@id":"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/iocharts.io\/blog\/"},{"@type":"ListItem","position":2,"name":"SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja: de meg\u00e9ri?"}]},{"@type":"WebSite","@id":"https:\/\/iocharts.io\/blog\/#website","url":"https:\/\/iocharts.io\/blog\/","name":"iO Charts","description":"Befektet\u00e9s kezd\u0151knek: r\u00e9szv\u00e9ny, ETF, \u00e1llampap\u00edr, kript\u00f3","publisher":{"@id":"https:\/\/iocharts.io\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/iocharts.io\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"hu"},{"@type":"Organization","@id":"https:\/\/iocharts.io\/blog\/#organization","name":"iO Charts","url":"https:\/\/iocharts.io\/blog\/","logo":{"@type":"ImageObject","inLanguage":"hu","@id":"https:\/\/iocharts.io\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2020\/01\/logo_no_text-1.png","contentUrl":"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2020\/01\/logo_no_text-1.png","width":113,"height":113,"caption":"iO Charts"},"image":{"@id":"https:\/\/iocharts.io\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/iOCharts","https:\/\/x.com\/iOCharts","https:\/\/www.linkedin.com\/company\/io-charts"]},{"@type":"Person","@id":"https:\/\/iocharts.io\/blog\/#\/schema\/person\/e285f855a6a9b806cd03c0b62f1c5831","name":"Marton J. Bulla","image":{"@type":"ImageObject","inLanguage":"hu","@id":"https:\/\/secure.gravatar.com\/avatar\/9de36d5ad5c3e201c61d9296de2ac511a3176fe676b33d3949658f37497f5b4d?s=96&d=retro&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9de36d5ad5c3e201c61d9296de2ac511a3176fe676b33d3949658f37497f5b4d?s=96&d=retro&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9de36d5ad5c3e201c61d9296de2ac511a3176fe676b33d3949658f37497f5b4d?s=96&d=retro&r=g","caption":"Marton J. Bulla"},"description":"M\u00e1rton J. Bulla is a fundamental analyst and a committed long-term investor. Instead of forecasting macroeconomic trends, he dives deep into individual companies, focusing on capital allocation, value creation, and sustainable growth. His primary interest lies in the world of serial acquirers, and he increasingly focuses on a concentrated portfolio. M\u00e1rton believes in transparency and authenticity: he manages his entire wealth according to the strategy he publishes on the iO Charts blog. 95% of his assets are invested in individual stocks, while the remaining 5% make up his startup portfolio, a journey he has been documenting since 2021. He holds a degree from IBS, complemented by a background in IT, SEO, and marketing, which allows him to evaluate a company\u2019s technological edge and market position with a unique perspective. When he isn't analyzing financial statements, he is a passionate table soccer player.","url":"https:\/\/iocharts.io\/blog\/author\/marton-bulla\/"}]}},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/06\/SpaceX-nyitokep.png","gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/posts\/11611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/comments?post=11611"}],"version-history":[{"count":15,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/posts\/11611\/revisions"}],"predecessor-version":[{"id":12180,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/posts\/11611\/revisions\/12180"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/media\/11626"}],"wp:attachment":[{"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/media?parent=11611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/categories?post=11611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iocharts.io\/blog\/wp-json\/wp\/v2\/tags?post=11611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}