SpaceX's monster IPO is unlike anything we've seen
TL;DR
SpaceX is targeting a $1.75 trillion valuation in what could become the largest IPO in history, aiming to raise around $75 billion.
Key Points
- It would be the first company ever to go public at a valuation above $1 trillion – instantly more valuable than Walmart, Exxon, or Meta.
- Musk plans to reserve up to 30% of the offering for retail investors, three times the typical allocation.
- The entire US IPO market only raised more capital than this target in two of the last ten years.
- The listing could set the tone – or raise the bar – for anticipated IPOs from OpenAI and Anthropic later in 2025.
Nauti's Take
SpaceX isn't just going public – it's rewriting what a public offering can look like. A $1.75 trillion valuation isn't rooted in traditional fundamentals; it's the product of market dominance, the Musk premium, and years of pent-up demand for a blockbuster tech IPO.
The 30% retail slice is a calculated move: turn fans into shareholders, and you build a self-sustaining PR army. For OpenAI and Anthropic, this is a double-edged signal – SpaceX could either vacuum up available capital or prove that markets are hungry enough for bold, mission-driven bets to support multiple mega-listings.
Either way, the IPO playbook just got rewritten.
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