Valuation of 10 Trillion - The Largest IPO in Human History is Coming According to reports from Bloomberg, Reuters, and Wall Street Journal (which Musk did not deny), SpaceX plans to go public in June July 2026, with a valuation of $1.5 trillion (10.5 trillion yuan). His goal is to raise over 25-30 billion US dollars. If calculated based on the sale of 5% of the shares, the financing scale will reach $40 billion, which will directly break the record set by Saudi Aramco in 2019 ($29 billion) and become the largest IPO on this planet. The kings of the cryptocurrency industry are nothing but small fry before this fundraising level. For many years, Musk has been boycotting IPOs to avoid public market pressures (such as Tesla's experience). But after the failed Starship test explosion in 2025, the company accelerated its shift towards going public to obtain huge funds. ~~~~~~~~~~~~~~~ Is there a foam in this valuation? The development progress of Starship lunar and Mars rockets is an important endorsement for its launch. It is expected that SpaceX will generate approximately $15 billion in revenue by 2025, which will increase to between $22 billion and $24 billion by 2026, with the majority of the revenue coming from its Starlink business. From the perspective of traditional financial indicators, the valuation of $1.5 trillion is absolutely "sky high" or even "foam". If calculated based on an estimated revenue of $15 billion by 2025, a valuation of $1.5 trillion corresponds to a P/S ratio of 100 times the market to sales ratio. What is this concept? Let's take a look at the comparative data: Tesla (TSLA): Currently, the market to sales ratio is about 15-19 times (even during its peak, it did not exceed 30 times). Rocket Lab (RKLB): As the closest competitor, it currently has a market to sales ratio of about 40 times (which is considered overvalued by the market). Nvidia (NVDA): The king of AI shovel stocks, with a market to sales ratio of approximately 35-40 times. Traditional military/aerospace (such as Boeing/Lockheed Martin): The market to sales ratio is only 2-4 times. Purely looking at mathematics, SpaceX's valuation is 5 times that of Tesla and 2.5 times that of Nvidia. According to conventional logic, this TM is as expensive as my grandmother's house. ~~~~~~~~~~~~~~~~~~~ Why dare to shout 1.5 trillion? In addition to Musk's "human superhero" aura, the reason why Wall Street dares to shout out this price is because they are repricing SpaceX - it is no longer seen as a "space transportation company", but as the "ultimate infrastructure of the AI era". If we only sell broadband (Starlink) and launch rockets, we cannot sustain 1.5 trillion yuan. The current premium mainly comes from two new stories: Story 1: Space based Data Center This is the latest core hype point. Morgan Stanley and other institutions believe that with the formation of Starship capacity, SpaceX can deploy "orbital data centers" in space. Space is a vacuum environment (is it easier to dissipate heat or more direct to use solar energy? This part is technically controversial, but the capital market pays the bill), and data transmission can bypass physical fiber optic cable limitations on the ground, achieving global low latency. As long as it touches the edge of "AI infrastructure" and "computing power", the valuation model switches from "manufacturing" to "AI technology stocks". Story 2: Orbital Sovereignty and Monopoly Tax SpaceX currently has an absolute monopoly in low Earth orbit. It's not building roads, it's owning the 'sky'. In the future, any company that wants to enter space (whether it's communication, mining, or tourism) may have to pay SpaceX a "toll fee" or use its standards. This kind of 'sovereign level' moat is not possessed by traditional commercial companies. Is this brainstorm asking you if you're awesome? Let's take a look at the story written by the cryptocurrency community again, it's simply too weak and explosive. ~~~~~~~~~~~~~~~~~ How much do early investors earn? Why is it said that @ petethiel's founders fund is awesome? Because they can really make money. In 2008, SpaceX had just experienced three failed rocket launches and was on the brink of bankruptcy. Peter Thiel's Founders Fund and Valor are injecting capital at this time, which is not only an investment, but also a "life-saving money" with a valuation of $400-500 million and a lead investment of $20 million. $1.5 Trillion / $437 Million ≈ 3, 432 times In 2018, 20 million will become $68.6 billion, an absolute home run investment! 137 Ventures invested money when SpaceX was valued at around $1.3 billion in 2012, with a return of approximately 1000 times. Google (Alphabet)&Fidelity (Fidelity Investments) invested $1 billion in 2015 and took a 10% stake, with a return rate of approximately 150 times. Don't be fooled by the small multiples, they invested more and made big profits. The 15 billion has now turned into 150 billion, earning 135 billion US dollars in 11 years. It's too crazy. ~~~~~~~~~~~~~~~ Are you going to charge or not? 1.5 trillion is priced according to the narrative of 'if SpaceX dominates the solar system'. If you believe in this future, it's not expensive. If you only look at financial reports, this is a sky high price. Although there is an old saying that goes' the most beautiful narrative kills the most people ', this narrative is told by @ elonmusk, the once famous' Iron Man' who has achieved all the amazing feats, and the most technically pure man on this planet. I personally intend to embrace a wave of foam. I dare to rush into the air of billions of yuan in the currency circle, but I dare not to IPO the essence of human civilization? As long as it can escape before the public's mind subsides. My next focus is on where I can trade SpaceX's equity in advance. Currently, Robinhood Crypto EU has actually launched SpaceX's tokenized equity trading, but requires KYC from Europe. The user purchases tokens corresponding to the equity held by a third-party custodian institution. This is currently the only officially endorsed SpaceX tokenization channel specifically targeting retail investors, but with extremely strict regional restrictions. Some other cryptocurrency RWA projects claim to do this, such as @ StableStock, and Destiny Tech100 (DXYZ) on Kraken is also considered a channel. Anyway, there is still about half a year left, and I believe there will be many RWA projects targeting this IPO to cause trouble. SpaceX SpaceXIPO RWAs