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SpaceX Goes Public at $750 Billion Valuation — episode cover art
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史上最大 IPO:SpaceX 上市,马斯克成全球首位万亿富翁

SpaceX Goes Public at $750 Billion Valuation

About this story

SpaceX's history-making IPO: reusable rockets and Starlink explained, what 'going public' and shares mean, the $135→$161 first-day numbers, the $75B raise, the $1.77T valuation, Musk becoming the first trillionaire, and the 30% retail allocation. HSK 4 Chinese listening practice.

This is an HSK 4 Chinese listening episode that runs about 4 minutes. The full Mandarin script is shown with tap-for-pinyin and a line-by-line English translation, so you can listen and read at once — comprehensible input in the sense of Stephen Krashen's i+1 theory. It teaches 13 key vocabulary words such as 世界、结果、普通 and walks through 7 grammar patterns, each explained in English with examples. The same news story is retold at 4 difficulty levels — use the level selector above to find the version that is challenging but still understandable for you.

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原文

Read the complete story in Chinese. Reveal pinyin and English only when you need them.

今天我们说一件,昨天刚刚发生的大事。
一个造火箭的公司,上市了。
而且,是历史上最大的一次上市。
这个公司,你可能也听过。
它叫 SpaceX。
是一个美国公司。
它主要做两件事。
第一,造火箭。
它的火箭很厉害。
可以飞上天,还可以飞回来,再用一次。
第二,它在天上,放了很多很多小卫星。
这些卫星,连在一起。
可以让全世界的人上网。
就算你在大海上,在沙漠里,
旁边什么都没有,
你也能上网。
这个东西,叫"星链"。
所以你看,这个公司做的,
都是听起来很"未来"的事。
那我们先说一个词,叫"上市"。
上市是什么意思呢?
我们慢慢说。
以前,一个公司,是属于几个人的。
比如老板,还有一开始出钱的几个人。
别人就算很有钱,也买不到它的股份。
上市,就是这个公司,
第一次把自己的股份,拿出来,公开卖。
普通人,也可以买了。
你买了它的股份,
你就成了这个公司的一个"小股东"。
公司以后赚了钱,
你也能分到一点。
公司越值钱,你手里的股份,也越值钱。
昨天,SpaceX 就这样上市了。
它的股票,在美国的纳斯达克上市。
一开始,定的价格,是一股 135 美元。
结果,想买的人太多了。
开盘以后,价格一路往上涨。
最高的时候,涨到了 176 美元。
到收盘的时候,停在了 161 美元左右。
也就是说,第一天,就涨了差不多 19%。
这次上市,一共卖了多少钱呢?
大概 750 亿美元。
这是一个什么概念?
这是人类历史上,最大的一次 IPO。
IPO,就是上市的英文说法。
以前,从来没有一个公司,
上市的时候,卖到过这么多钱。
上市以后,SpaceX 这个公司,
一下子值大概 1.77 万亿美元。
盘中,甚至一度超过了 2 万亿。
现在,它已经是美国第六大的上市公司了。
这件事,还有一个主角。
就是 SpaceX 的老板,马斯克。
公司上市以后,
马斯克手里的股份,一下子变得非常值钱。
他成了全世界,第一个"万亿富翁"。
也就是说,他的钱,超过了一万亿美元。
在他之前,全世界还没有人,
富到过这个程度。
他是第一个。
这次上市,还有一个很特别的地方。
一般公司上市,
留给普通人买的股份,很少。
大概只有一成。
剩下的,都给了大机构、大基金。
但是这一次,马斯克说,
要留差不多三成的股份,给普通人。
是平时的三倍。
也就是说,他想让更多普通人,
也能买到一点这个公司。
最后,我们一起想一想。
为什么这么多人,抢着买一个造火箭的公司?
说到底,他们买的不是火箭。
买的是一个"相信"。
他们相信:
以后,人类去天上的事,会越来越多。
天上,会变成一门巨大的生意。
今天买一点,是赌这个未来会来。
当然,未来会不会真的来,
现在谁也不敢打包票。
最后我想问你。
如果你也有一点闲钱,
你会去赌一个,
你相信的未来吗?
你心里,那个未来,是什么样的?
English transcript reference

Today we'll talk about a big event that happened just yesterday.

A rocket-making company went public.

And it was the biggest 'going public' in history.

You might have heard of this company.

It's called SpaceX.

It's an American company.

It mainly does two things.

First, it makes rockets.

Its rockets are impressive.

They can fly up into the sky, and also fly back, and be used again.

Second, it has placed many, many small satellites in the sky.

These satellites are linked together.

They let people all over the world get online.

Even if you're on the open sea, or in the desert,

with nothing beside you,

you can still get online.

This thing is called 'Starlink'.

So you see, what this company does

are all things that sound very 'future'.

Now let's first talk about a word: 'going public'.

What does 'going public' mean?

We'll go slowly.

Before, a company belonged to a few people.

For example the boss, and the few people who put in money at the start.

Others, even if very rich, couldn't buy its shares.

Going public is when this company,

for the first time, takes its shares out and sells them openly.

Ordinary people can buy them too.

Once you buy its shares,

you become a 'small shareholder' of this company.

If the company earns money later,

you can get a little share too.

The more valuable the company, the more valuable your shares.

Yesterday, SpaceX went public just like that.

Its stock listed on America's Nasdaq.

At first, the set price was 135 dollars per share.

As it turned out, far too many people wanted to buy.

After the open, the price rose all the way up.

At its highest, it climbed to 176 dollars.

By the close, it settled at around 161 dollars.

In other words, on the first day, it rose about 19%.

How much did this listing sell in total?

About 75 billion dollars.

What kind of concept is this?

This is the biggest IPO in human history.

IPO is the English term for going public.

Before, no company had ever,

when going public, sold this much money's worth.

After going public, the company SpaceX

was suddenly worth about 1.77 trillion dollars.

Intraday, it even briefly passed 2 trillion.

Now, it's already the sixth-largest public company in America.

This event also has a main character.

That's SpaceX's boss, Musk.

After the company went public,

the shares in Musk's hands suddenly became extremely valuable.

He became the world's first 'trillionaire'.

In other words, his money exceeded one trillion dollars.

Before him, no one in the world

had ever been rich to this degree.

He's the first.

This listing also has a very special feature.

Usually when a company goes public,

the shares left for ordinary people to buy are few.

About only ten percent.

The rest all go to big institutions and big funds.

But this time, Musk said

he'd leave about thirty percent of the shares for ordinary people.

Three times the usual.

In other words, he wants more ordinary people

to be able to buy a little piece of this company too.

Finally, let's think together.

Why are so many people scrambling to buy a rocket-making company?

When it comes down to it, what they're buying isn't rockets.

What they're buying is a 'belief'.

They believe:

in the future, people going to the sky will happen more and more.

The sky will become an enormous business.

Buying a little today is a bet that this future will come.

Of course, whether the future will really come,

no one can guarantee right now.

Finally, I want to ask you.

If you also had a little spare money,

would you bet on a future

you believe in?

In your heart, what does that future look like?

Listen again

Try it without the transcript and notice what sounds clearer.

What vocabulary does this episode teach?

词汇
shìjièworld

HSK 1-3. world.

jiéguǒresult; outcome

HSK 1-3. result; outcome.

pǔtōngordinary / common

HSK 1-3. ordinary / common.

zuìhòuat the end; finally

HSK 1-3. at the end; finally.

shènzhìeven; so much so that

HSK 1-3. even; so much so that.

wèishénmewhy

HSK 1-3. why.

gōngsīcompany

HSK 1-3. company.

shàngshìto go public; list on a stock exchange

Glossed inline: 第一次把自己的股份拿出来公开卖 = take shares out and sell them openly for the first time.

IPOIPO (initial public offering)

Glossed inline: IPO 就是上市的英文说法 = IPO is the English term for going public.

gǔfènshares; equity

买不到它的股份 = couldn't buy its shares. 股 (share) + 份 (portion).

gǔdōngshareholder

你就成了公司的一个小股东 = you become a small shareholder of the company.

wèixīngsatellite

在天上放了很多很多小卫星 = placed many small satellites in the sky. The Starlink network.

XīngliànStarlink

SpaceX's satellite internet network. 星 (star) + 链 (chain/link).

* beyond level超纲词

What grammar patterns appear in this episode?

语法

X 是什么意思呢? + answer

Asks the meaning of a term, then defines it. Glosses 上市.

上市是什么意思呢?

这是一个什么概念?

就算 ... 也 ... (even if)

Concessive: 'even if X, still Y'.

就算你在大海上,在沙漠里,旁边什么都没有,你也能上网。

别人就算很有钱,也买不到。

越 + Adj,越 + Adj (the more... the more...)

Paired escalation across two clauses.

公司越值钱,你手里的股份,也越值钱。

也就是说 + Clause (in other words)

Rephrasing / clarifying marker.

也就是说,第一天就涨了差不多 19%。

也就是说,他的钱超过了一万亿美元。

说到底 + Clause (when it comes down to it)

Marks the essential point beneath the surface.

说到底,他们买的不是火箭。

一般 ... 但是这一次 ... (usually X, but this time Y)

Contrast between norm and exception.

一般公司上市,留给普通人的股份很少。但是这一次,马斯克说,要留差不多三成。

为什么 ... ? 因为 / 说明 ... (why...? because/showing...)

Rhetorical question answered with cause or interpretation.

为什么这么多人,抢着买一个造火箭的公司?

这说明很多人都相信。

Proper nouns

专有名词
SpaceXSpaceXSpaceX — the American spaceflight company that went public in the biggest IPO in history马斯克MǎsīkèElon Musk — SpaceX's boss; became the world's first trillionaire after the IPO星链XīngliànStarlink — SpaceX's satellite internet network纳斯达克NàsīdákèNasdaq — the US stock exchange where SpaceX (ticker SPCX) listed美国Měiguóthe United StatesIPOIPOinitial public offering — a company listing its shares publicly for the first time

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