SpaceX quietly did something last week it resisted for over two decades. It filed with the SEC for an initial public offering. If the numbers hold, this will be the largest IPO in the history of the American stock market. A $75 billion raise. A valuation between $1.5 trillion and $1.75 trillion. A listing potentially as early as June 2026. For 24 years, this was one of the most valuable businesses in the world that you simply could not own. That's about to change. But most people get SpaceX wrong. When you hear "SpaceX," you picture rockets. Starship. Mars. Elon Musk standing in front of hardware that looks like science fiction. That's the public face. It's not where the money comes from. The real engine behind the $1.75 trillion valuation is Starlink. A satellite internet service that hit 10 million subscribers as of February 2026. Up from roughly 1 million two years ago. Revenue crossed $10 billion in 2025. Analysts project $15.9 billion to $24 billion by end of 2026. Starlink operates where traditional internet infrastructure doesn't exist. Rural America. Remote coastlines. Ships at sea. Conflict zones. Airline cabins at 35,000 feet. It's not competing with AT&T for suburban customers. It's building a utility monopoly in markets that have never had a utility. That's a business nobody expected when this company was "just" a rocket company. We put together a report that covers what SpaceX actually built, why the valuation might be defensible, where the risks are, and how to think about positioning before shares hit the market. Read the SpaceX IPO report here. One thing worth reading before you get excited: the bear case section. At $1.75 trillion, the stock would be priced at 70 to 110 times projected revenue. Facebook dropped almost 50% in its first months as a public company. Saudi Aramco traded below its IPO price for years. The biggest IPOs rarely reward the first-day crowd. Click here to read the full report. |
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