This is insane—SpaceX is gearing up for the biggest IPO in history. On April 1, SpaceX filed a confidential IPO application with the SEC, targeting a valuation of over $2 trillion and aiming to raise $75 billion, with plans to go public in June. If successful, it’ll crush Saudi Aramco and become the largest IPO in human history. Let’s look at the financials: projected revenue for 2025 is $15–16 billion, with EBITDA around $8 billion. Over 95% of the revenue comes from Starlink alone, while NASA contracts account for just 5%. But at a $2 trillion valuation, the price-to-sales ratio is 130x, and the price-to-earnings ratio is 250x—Palantir is only at 79x, and SpaceX is nearly double that. Now for the structure: In February, SpaceX acquired xAI (valued at $250 billion) in an all-stock deal, bundling Grok and the X platform into the mix. After the merger, the valuation hit $1.25 trillion, and now, less than two months later, they’re aiming to sell it to the secondary market at $2 trillion. Some key details: - Retail investors will get 30% allocation, three times the Wall Street norm. Both Robinhood and Fidelity will allow subscriptions. - Saudi Arabia’s sovereign wealth fund, PIF, is negotiating a $5 billion anchor investment. - Defense contract details in the S-1 filing will be redacted. - Musk is requiring the five major underwriters (Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America, and Citi) to purchase Grok subscriptions, spending tens of millions annually as a prerequisite for participating in the underwriting. In other words, Musk is using this $75 billion IPO ticket to pull off three moves at once: raising funds for SpaceX, boosting xAI’s valuation, and driving enterprise customers to Grok.