SpaceX just became the most expensive IPO the world has ever seen. The company priced its offering at $135 per share on June 3, valuing Elon Musk’s rocket and satellite empire at approximately $1.77 trillion and raising around $75 billion in the process.
Here’s the thing: that valuation works out to roughly 92 times the company’s trailing sales. For context, even the frothiest tech stocks during the dot-com bubble would have blushed at that number.
The numbers behind the hype
SpaceX reported $18.7 billion in revenue for 2025. That’s genuinely impressive for a company that was worth roughly $10 billion a decade ago.
The company also posted a net loss of $4.9 billion for 2025. So while SpaceX is pulling in serious cash, it’s spending even more serious cash to do it.
