The SpaceX IPO filing is full of so many red flags that it would have scuttled other launches. But the laws of gravity don’t apply here, in part because of years of work by Elon Musk to build his business empire with the eager assistance of everyday investors.

Elon Musk's creation has essentially re-invented itself from a commercial space pioneer facing little competition, to an AI-centric player battling all the hyperscalers.

Quick Read SpaceX (privately held, IPO pending) targets a $1.75T-$2T valuation with 60% Polymarket probability, which would push Elon Musk’s combined Tesla and SpaceX wealth past $1 trillion for the first time in human history.

SpaceX is on the cusp of its initial public offering, which will raise a record amount of money. Some of that money could come from Tesla stock, creating a headwind for shares of

Trillion dollar companies are typically profitable. SpaceX lost about $5 billion in 2025, according to its IPO registration statement.

SpaceX's IPO prospectus revealed Elon Musk is barely borrowing against his shares, leading Bloomberg to add $45 billion to its net worth estimate.