Have you ever seen a company that hasn't yet achieved stable profitability, but its valuation blows away the entire crypto world?

SpaceX, with the ticker SPCX, is listed on NASDAQ.

The largest IPO in history: $1.75 trillion.

$135 per share, raising $75 billion, oversubscribed by 4 times—Middle Eastern tycoons directly dropping billions of dollars to buy in.

Even retail investor quotas were given 30%, three times the usual amount.

Do you think Elon Musk is giving retail investors red envelopes? That's too naive.

On the night before listing, Senator Warren wrote a letter to the SEC: requesting a delay in review.

What's the reason? Passive funds are forced to buy at high prices, creating systemic risk.

To put it plainly: SpaceX is too expensive, index funds have to buy, and buying is essentially boosting Musk’s stock.

According to new rules, SPCX can be included in the NASDAQ 100 index within 15 days of listing. At that time, $7 billion in passive buying will come in like a bulldozer.

Who is selling? Early investors and Musk’s friends. Who is buying? 401(k) pension funds and passive funds.

So, is the $1.75 trillion valuation worth it?

Let's break it down.

SpaceX’s two core businesses: Starlink + rockets.

Starlink, global low-earth orbit satellite internet, currently has over 5 million subscribers, with annual revenue estimated at $6-7 billion. The potential is huge, but ground-based 5G and Amazon’s Project Kuiper are competing for business.

Rockets, Falcon 9 is mature, Starship is still exploding. The commercial launch market is only a hundred billion dollars a year, with SpaceX holding the majority, but the ceiling is visible to the naked eye.

The real story is: a monopoly on low-earth orbit infrastructure + the dream of future Mars colonization.

But can a dream support a $1.75 trillion valuation? Tesla’s peak was about this number, and they deliver nearly 2 million cars a year with real profits.

Elon Musk himself said: “The biggest risk for SpaceX is bankruptcy.”

What can crypto players see from this?

Tokenized stocks, which have increased 147% in market cap over half a year, reaching $5.5 billion. After SPCX’s listing, on-chain fragmented SpaceX stocks will only become more popular.

You can't afford 100 shares? No problem, buy 0.1 SPCX tokens on-chain and get a feel for what it’s like to be a Musk shareholder.

If SpaceX’s Starship can’t be commercialized soon, if Starlink user growth falls short of expectations, if Warren’s opposition really causes trouble… this $1.75 trillion might just become the next “listing #Gate直通IPO认购SpaceX at the peak” textbook.