Ahead of IPO, what is the market really watching in SpaceX?
Reuters reports that SpaceX has confidentially filed for an IPO at a target valuation of about US$1.75 trillion, potentially making it the biggest IPO in history.
The key public takeaway is less about a full shareholder list, and more about control: Musk and a small group of insiders hold super-voting shares, and SpaceX plans to remain a controlled company after listing.
Institutional interest is also emerging, with Norway’s sovereign wealth fund assessing whether to invest.
The market debate is straightforward: rare asset and huge ambition on one side; very high valuation, losses and governance questions on the other. Reuters says SpaceX made about US$18.6 billion in revenue in 2025 but lost about US$5 billion.
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