It is a huge story, but I would treat it as very exciting, not yet fully certain.

Reuters reported yesterday that SpaceX is aiming to file its IPO prospectus later this week or next week, citing The Information. Reuters also reported earlier that SpaceX had been weighing a confidential filing that could value it at more than US$1.75 trillion, with the xAI acquisition having lifted the combined valuation to about US$1.25 trillion already. 

If the IPO really targets US$75 billion, that would indeed exceed Saudi Aramco’s record IPO size by a very wide margin. Several outlets are reporting that range, but it still appears to be based on reporting and unnamed sources rather than a filed prospectus that investors can read today. 

My view: At US$1.75 trillion, I would not “blindly join” just because it is SpaceX. SpaceX is a rare asset with real quality, strong Starlink economics, and immense strategic value, but IPO euphoria can price in years of perfection on day one. Reuters says 2025 revenue was around US$15 billion to US$16 billion and profit around US$8 billion, so even for a great company, the valuation would be extremely demanding. 

So I would frame it this way: Great company, possibly dangerous price. I would be interested, but only if:

1. the prospectus confirms the numbers and structure,

2. governance and xAI integration risks are clearer,

3. the opening valuation does not run even hotter than the rumoured range.

My instinct is watch first, chase later only if fundamentals justify it. For a retail investor, FOMO is the main danger here, especially as Reuters also noted growing concern around opaque secondary-market ownership structures tied to SpaceX demand.