SpaceX filed an S‑1 that sets the stage for the biggest IPO ever. The company seeks $75bn in equity at a $1.75tn valuation, with the launch slated for 12 June. Less than $12bn has yet been invested, meaning early shareholders sit on over a trillion dollars of unrealised gains.

SpaceX claims a $28.5tn total addressable market, citing an obscure consortium led by Saudi Arabia and partners. The figure skews heavily toward regions where the company currently has no presence, raising questions about the basis of the valuation and the optimism behind the filing.

Starlink, the company’s satellite arm, delivered $11.4bn in 2025 revenue, a 50% jump, and drives 10.3m subscribers worldwide. Yet its average earnings per user fell from $99 to $66, and the broader business burns cash, especially after the $6.4bn loss from its AI unit and a $31bn annual capex run‑rate.

The IPO structure favors early exit, with a staggered share release that could trigger liquidity before the standard 180‑day lock‑up. Investors face a valuation multiple of 100 times 2025 revenue, a figure with little precedent. The deal ultimately hinges on SpaceX’s ability to sustain growth while keeping control under Elon Musk’s 94% Class B voting power.