Elon Musk’s SpaceX is set to list on Nasdaq in what could become one of history’s largest IPOs. The prospectus boasts a claim to capture $28 trillion of the artificial‑intelligence market and to launch a million satellites that would act as orbital data centers—technology that does not yet exist. Investors are queuing despite Musk’s track record of missed deadlines and failed product promises.

SpaceX’s core business, however, generates modest cash. Starlink delivered over $11 billion in revenue last year, roughly 61 % of total sales, while the company chases a $1.75 trillion valuation that would rank it among the world’s ten most valuable firms. Analysts note the valuation relies on speculative optimism rather than proven earnings, a trend enabled by the 1995 Private Securities Litigation Reform Act.

The IPO illustrates how Musk’s personal brand and a network of banks, venture firms and institutional investors can monetize hype without immediate performance. Fees from the offering will flow to entities that also financed Twitter’s acquisition and the new xAI venture, creating a circular profit structure. In practice, the market rewards narrative over fundamentals, leaving ordinary investors exposed.