Revision History

SpaceX is set to debut on the Nasdaq on June 12 at a $1.77 trillion valuation, making it the largest IPO in history with $150 billion in investor demand — double the $75 billion the company seeks to raise. But behind the frenzy lie sharp questions about a 94x revenue multiple, a $4.9 billion net loss driven by the xAI merger, and structural concerns about index manipulation, classified contract opacity, and whether the book-building process is engineered to benefit insiders at the expense of public investors.