Elon Musk’s SpaceX is poised to complete what would be the largest stock market listing in history, bringing the space exploration, satellite broadband, and artificial intelligence company to US markets at a valuation of $1.78 trillion after an initial public offering of at least $75 billion in shares that drew more than $250 billion in investor bids, making it three to four times oversubscribed.
The offering price would be nearly three times larger than Saudi Aramco’s record-breaking $29.4 billion float in 2019, and if the listing proceeds as planned it could push Musk’s personal net worth past the trillion-dollar mark, making him the first individual in history to cross that threshold.
The enthusiasm of institutional investors has not been matched by independent valuation analysts. Research group Morningstar assessed SpaceX’s fair value at $63 per share, less than half the anticipated IPO price of $135, and said there was a major disconnect between market expectations and underlying fundamentals. Morningstar Chief Equity Strategist Michael Field suggested investors wait for a more attractive entry point, saying that while the business had real strengths, particularly in its Starlink satellite broadband service, the valuation rested heavily on unproven and untested technologies, especially within the artificial intelligence division, that made it extremely speculative at the offered price.
SpaceX operates across three business units covering space exploration through its Falcon and Starship rocket programs, connectivity through Starlink, and artificial intelligence through its xAI division. The company reported a net loss of $4.9 billion in 2025, and at the IPO valuation of $1.78 trillion it would be priced at approximately 92 times trailing sales. SpaceX has claimed Starlink addresses a total market of $1.6 trillion while Morningstar estimates the realistic global opportunity for that segment at approximately $129 billion.
US Senator Elizabeth Warren called on the Securities and Exchange Commission to delay the listing, citing concerns about investor protection and corporate governance at unprecedented scale. The index provider MSCI indicated it would apply existing early-inclusion rules for large IPOs to SpaceX, likely clearing the path for the stock to join its Global Standard Indexes and creating automatic demand from passively managed funds that track those benchmarks. However, S&P Dow Jones Indices declined to relax its entry requirements, meaning inclusion in the S&P 500 could take months.
