• Early filings and sky‑high targets
• Musk’s narrative machine and the roadshow
• Retail access and the AI bet
• Enthusiasm, skepticism and what comes next

SpaceX Pitches Investors on IPO with Potential $1.78 Trillion Valuation SpaceX is racing toward what could be the largest stock-market debut in history, betting that rockets, satellites and artificial intelligence together justify a valuation approaching $1.8 trillion. At the same time, critics warn that the company is asking investors to buy into a story that is still largely unproven.

§Early filings and sky‑high targets

In early June, new filings revealed SpaceX is “reportedly aiming to raise $75 billion in its IPO” at $135 a share, implying a valuation of about $1.77 trillion and potentially making it the seventh‑biggest U.S. company by market cap. Axios similarly reported the company “plans to raise $75 billion in its initial public offering,” which would dwarf prior global records and value SpaceX around $1.75 trillion.

Goldman Sachs projections underpin that pitch, with the bank expecting SpaceX’s AI revenue to “increase 100-fold by 2030” to support the $1.78 trillion figure the group is taking to investors. The Financial Times framed the plan under the headline: “Elon Musk’s SpaceX pitches investors $1.78tn valuation in historic IPO.”

§Musk’s narrative machine and the roadshow

Coverage in the FT argued that the “SpaceX IPO shows Musk’s genius is in mythmaking,” noting that how the company will support such a “gargantuan valuation is not obvious.” A companion FT stream stressed that projections from a Wall Street bank “underpin the $1.78tn valuation” and that the IPO will test passive investors who have poured billions into funds exposed to the rocket company.

As the S‑1 revealed a $4.9 billion loss on $18.7 billion of 2025 revenue, SpaceX launched a 17‑minute online roadshow led by longtime CFO Bret Johnsen, highlighting rocket reusability, Starlink’s 10.3 million users and the company’s AI ambitions, including orbital data centers and the Colossus 2 facility.

§Retail access and the AI bet

SpaceX is also reshaping who gets into mega-IPOs. One FT report says the company “lines up retail investors for record IPO allocation,” with up to a quarter of the float earmarked for individuals. Axios cites a Fidelity communication stating that “SpaceX has decided to reserve a much higher percentage of the offering (up to 30%),” allowing customers with as little as $2,000 to participate.

Johnsen and Musk are selling a story that SpaceX has “been able to expand” its original mission of making life multiplanetary “with our Starlink constellation and AI solution,” according to the company’s own messaging. Axios notes that Musk’s conglomerate now claims a $26.5 trillion total addressable market for AI and orbital data centers, even as observers concede that figure is “impossible to verify.”

§Enthusiasm, skepticism and what comes next

Investor excitement is evident in social‑media chatter describing SpaceX as “the largest IPO in history expected around June 12” and part of a broader surge in execution across Musk’s companies. Other commentators highlight how SpaceX has “literally destroyed the cost to orbit,” driving launch costs from roughly $18,500 per kg to near $1,000 per kg with Falcon Heavy.

Yet analysts continue to question the durability of the business model, warning that the IPO may be “a big risk for the millions of investors” who reach it via passive funds and that provisions in the prospectus could give Musk more freedom and “potentially less accountability.” Whether the $1.78 trillion bet proves prescient or excessive will be determined after shares begin trading.

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