SpaceX's Starship spacecraft splashed down into the Indian ocean Friday after the company performed a test flight of the latest version of the enormous rocket.

Ahead of a much anticipated IPO, SpaceX is carrying out a critical test of its giant, stainless steel rocket. Investors will be watching closely.

SpaceX's planned Starship launch follows the company's release of its IPO prospectus, which set the stage for what's likely to be a record offering.

The Starship rocket is a key component of SpaceX's success as it aims to go public in June, valued between $1.5 and 2 trillion.