In the next six hours, the largest IPO in the history of financial markets goes live. SpaceX has priced its IPO at $135/share, raising $75B at a valuation of roughly $1.77T. That is bigger than Saudi Aramco’s record IPO and instantly puts SpaceX in the same valuation conversation as the world’s largest tech companies. But this is not a simple “rocket company goes public” story. It is SpaceX, Starlink, xAI, Grok, X, Bitcoin exposure and Elon Musk’s control structure all wrapped into one stock. Here is the Good, the Bad and the Ugly. The Good • Starlink is the strongest part of the business, with millions of subscribers across the world and fast-growing connectivity revenue. • SpaceX dominates launch infrastructure, with reusable rockets giving it a real operating edge. • Starship could completely change launch economics if it works at scale. • Retail investors are getting access to a company that was private for more than two decades. • The upside case is obvious: global internet, space infrastructure, AI compute, defense contracts and Mars-level ambition in one company. The Bad • The valuation is extremely rich, at roughly 90 to 95 times trailing revenue. • SpaceX is still spending aggressively, especially after bringing xAI into the structure. • The company posted a major loss in 2025, despite Starlink’s growth. • At this burn rate, the $75B raise buys time, but it does not remove execution risk. • A lot has to go right for this valuation to make sense. The Ugly • Governance is the biggest issue. • Public investors are buying economic exposure, not real control. • Elon Musk’s supervoting shares give him overwhelming voting power. • That means investors are not just underwriting SpaceX. They are underwriting Musk’s entire operating style across SpaceX, xAI, X and everything else he may decide to build next. So what is SPCX after all the noise? A once-in-a-generation company at a once-in-a-generation valuation, controlled by a once-in-a-generation founder. That makes the bull case exciting. It also makes the risk very real. Not financial advice. Do your own research before investing.

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