At $135 a share, SpaceX is not merely asking investors to buy into a rocket company — it is asking them to believe that a firm which lost $4.9bn last year is worth $1.75 trillion. That figure, disclosed in a filing published this week ahead of a planned Nasdaq listing on 12 June, represents a 40 percent jump from SpaceX's own valuation of $1.

25 trillion earlier in 2025. Companies almost never publish a target share price more than a day before trading begins; SpaceX has done so weeks in advance, a move described by analysts as almost without precedent in stock market history. The scale of the ambition becomes clearer when set against the existing record. Saudi Aramco, the state-owned oil giant, raised $25.

6bn in its 2019 IPO — at the time the largest in history. SpaceX is targeting $75bn, nearly three times that sum. Should its shares sell at or above the suggested price, the company would immediately rank among the most valuable publicly traded businesses on earth, sitting alongside the so-called Magnificent Seven: Alphabet, Amazon, Apple, Meta, Nvidia, Microsoft, and Tesla — itself another Musk venture. Yet serious questions surround the valuation.

Samuel Kerr, head of equity capital markets research at Mergermarket, noted that SpaceX is pricing itself at a sales multiple higher than any company in that elite group.