SpaceX launches its debut public offering at $135 a share, selling 555 million shares. The deal will raise about $75 billion, pushing the company’s valuation to $1.77 trillion – the largest IPO ever. Investors face a gamble: the price could soar, making Musk a trillionaire, or plummet if the market deems the valuation excessive for public traders today.

Elon Musk’s recent $44 billion Twitter purchase and the decline in X’s ad revenue have fuelled skepticism. Analysts warn SpaceX may be overpromised, echoing doubts that its AI‑driven ambitions outweigh tangible earnings. Yet insiders like a 12‑year engineer see personal gains: 100,000 shares could net $13.5 million at launch for early stakeholders and long‑term investors who hold.

The IPO’s rapid index inclusion threatens to drag large funds into SpaceX shares overnight. Fidelity, Vanguard and others may be compelled to buy millions, tightening liquidity and inflating the stock. Critics argue this favors institutional capital and sidelines retail investors, who fear exposure to a potentially volatile, high‑valuation play for their portfolios and future returns.

Antonio Gracias, Musk’s close ally, holds a $65 billion stake at the IPO target, positioning him as one of the world’s richest. Even if the price falls, the sheer size of the offering means most U.S. retirement plans will suddenly own shares, locking in exposure to SpaceX’s performance until the market corrects after market adjustment and regulatory.