Elon Musk's SpaceX is preparing for the largest IPO in history, with a target valuation of up to $2 trillion, planning to list on NASDAQ as early as June 12, 2026, under the ticker "SPCX."

This astronomical figure mainly hinges on two core points: first, "Starlink" has surpassed the breakeven point, with global users exceeding ten million, becoming a strong cash flow generator; second, long-term stories such as "Starship" and space AI data centers are viewed by the market as having monopoly potential for future infrastructure. If the issuance succeeds, its market value will be second only to a few tech giants like Apple and NVIDIA, with fundraising possibly reaching $75 billion, far surpassing the previous record held by Saudi Aramco.

However, the sky-high valuation also brings significant controversy. Critics point out that the company is still burdened by losses from the merged xAI business, and the $2 trillion valuation requires Starship to reduce costs and space data centers to be operational—"a risky leap"—which must be flawless; otherwise, a valuation bubble is highly likely. Additionally, this IPO heavily depends on Musk's personal reputation and execution ability, highlighting founder risk.

Whether the outcome is a starry ocean or a bubble bursting, SpaceX's listing will redefine the global capital market's valuation logic for commercial spaceflight and the space economy.