Anonymousabout 18 hours ago
SpaceX has filed confidentially with the SEC for an IPO targeting a valuation above $2 trillion, which would dwarf every previous market debut including Saudi Aramco's $1.7 trillion listing in 2019. The company generated roughly $16 billion in revenue and $8 billion in EBITDA in 2025, implying a revenue multiple of 125x — far above aerospace peers trading at 1-2x sales — with bulls arguing that Starlink's recurring revenue model and future markets like Mars colonization justify the premium, while skeptics point to governance risks from Elon Musk's dual-class share structure, conflict-of-interest concerns from his government advisory role, and unproven revenue streams that underpin the valuation thesis.