SpaceX has confidentially filed for an IPO targeting a $1.75 trillion valuation in June 2026, which would make it the largest IPO in history. The filing comes as SpaceX has evolved into a conglomerate spanning satellite internet, rocket launches, and AI development through its xAI acquisition. This valuation represents a 29% premium over the median forecasted fair market value of its business segments.

Breaking down the company into seven segments reveals the scale of this ambition. Starlink dominates with consumer broadband at $380B, enterprise/maritime/aviation at $147B, and direct-to-cell at $75B. xAI/Grok contributes $258B, largely anchored by its recent $250B merger valuation. Starship commercial launch sits at $170B despite being pre-revenue, while government/defense contracts add $123B and Falcon 9/Heavy launches contribute $100B. The total sum-of-parts valuation reaches approximately $1.25 trillion, suggesting investors are pricing in correlated upside across all segments.

This gap between the $1.75 trillion target and $1.25 trillion SOTP valuation suggests the market expects everything to go right simultaneously. The conglomerate structure may actually justify a premium if investors believe the combination of Starlink, Starship, and xAI creates unique synergies in orbital data centers and AI-powered connectivity. With reportedly 30% retail allocation versus the typical 5-10%, extraordinary demand could bridge the valuation gap.