Musk Eyes Trillion, Tiny Float

SpaceX is gearing up for a blockbuster IPO, confidentially filing to debut as soon as June with a jaw-dropping valuation that could top $2 trillion. Elon Musk wants to keep an iron grip on the company, floating just 3%–4% of shares and eyeing a dual-class structure. That means the market gets a tiny slice of a giant—potentially making for wild price swings, especially as new index rules and up to 30% retail allocation could supercharge demand and volatility on day one. Behind the numbers: Starlink’s 10,000 satellites, 165 launches last year, $16 billion in revenue, and a $24 billion government contract haul set an unmatched operating base.

But here’s the catch: the governance and AI story are both in flux. The SEC is still circling Musk over his Twitter disclosure, and years of private share sales have muddied who owns what at SpaceX, putting extra pressure on the IPO filing to clarify share classes and lock-ups. Meanwhile, Musk just overhauled his xAI team—after all original cofounders left—while pitching bold plans like a Texas chip factory and even orbital data centers. That means investors aren’t just buying rockets and broadband, but also a high-stakes bet on future moonshots and Musk’s ability to deliver.

Featuring reporting from the Financial Times, CNBC, Reuters, SpaceNews, Axios, and Business Insider.

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