SpaceX’s Historic $1.75 Trillion IPO Faces Scrutiny Amidst Financial Losses

SpaceX is poised to make history with the largest U.S. IPO, targeting a $1.75 trillion valuation as it prepares to list 555 million Class A shares at $135 each. The offering, expected to raise $75 billion, has drawn unprecedented Wall Street fanfare, with Bank of America, Morgan Stanley, and JPMorgan hosting exclusive events for high-net-worth clients. Bank of America’s Manhattan headquarters will even light its spire to mimic a rocket launch—a theatrical nod to the company’s ambitions.

Yet beneath the spectacle lies a stark reality: SpaceX, now encompassing Starlink, reusable rockets like the Falcon 9, and Musk’s ventures X (formerly Twitter) and xAI, continues to hemorrhage cash. Analysts question the valuation math, particularly as losses mount. The disconnect between hype and financial performance has left investors weighing whether the Musk premium justifies the price tag.