SpaceX, the global aerospace sensation, is poised to make history with an unprecedented Initial Public Offering (IPO). With an anticipated fundraising target of $75 billion and a projected market capitalization ranging from $1.75 to $1.77 trillion on its debut, SpaceX's market entry is set to eclipse Saudi Aramco's 2019 IPO record of $25.6 billion. This move not only signifies a monumental leap for the capital market but also places the burgeoning space economy at the forefront of global financial attention.

Its foray into the capital market is poised to not only surpass Saudi Aramco's record but also herald the space economy's debut as a central player on the global financial stage.

What does a $1.75 trillion valuation truly represent? It equates to the combined market capitalization of five of the world's leading defense and aerospace giants—Boeing, Lockheed Martin, Northrop Grumman, Raytheon Technologies, and General Dynamics. This valuation also surpasses Tesla's current market cap of $1.6 trillion. Upon listing, SpaceX is set to rank among the top seven global companies by market capitalization.

Just 18 years ago, the company teetered on the brink of bankruptcy following its third failed rocket launch, with Musk even pledging all his assets as collateral.

This article delves deeper than the surface data presented in the prospectus, dissecting the rationale behind SpaceX's staggering $1.75 trillion valuation, uncovering the essence of its business model, and exploring the opportunities and risks associated with this historic IPO.

I. Valuation Transformation: From 'Rocket Company' to 'Space Infrastructure Operator'

For years, the capital market has predominantly viewed SpaceX as an 'aerospace launch service provider,' attributing its primary value to the cost advantages derived from the reusable technology of its Falcon 9 rockets.

However, the prospectus reveals a fundamental shift in SpaceX's valuation paradigm.

1. Computing Power Business: The Emergence of a Second Growth Engine

SpaceX's three-year, $45 billion computing power contract with Anthropic signifies a strategic evolution in its business portfolio. By 2025, SpaceX's revenue is projected to reach $18.7 billion, with the Starlink business contributing approximately $12 billion. The collaboration with Anthropic is expected to generate $15 billion in annual revenue for SpaceX, surpassing Starlink to become the company's largest single revenue stream.

Under the agreement, Anthropic will pay SpaceX $1.25 billion monthly for computing power, utilizing two data center clusters: Colossus 1 and Colossus 2.

And this is just the beginning.

Musk has indicated that multiple companies are in negotiations for similar computing power contracts, with Google, a significant SpaceX shareholder also grappling with computing power bottlenecks, likely among them.

Some may wonder where SpaceX acquires its computing power and why others are purchasing it from them. After all, isn't SpaceX primarily a rocket company? The need for computing power in rocket development has not been a prominent topic until now.

In reality, SpaceX's possession and requirement for computing power stem naturally from its disruption of the traditional aerospace model of 'low-frequency, pre-planned missions.'

Historically, human rocket launches occurred infrequently, with only a few hundred satellites in orbit annually. Consequently, computing tasks could be completed on the ground in advance, and rockets were equipped with low-performance, radiation-resistant chips. Thus, the public did not perceive a direct link between rockets and computing power.

SpaceX, however, operates differently. It manages 9,600 high-speed moving Starlink satellites (requiring real-time orbital scheduling, collision warnings, and global user allocation) and continuously refines the autonomous recovery algorithms for its Starship (involving over 1 billion simulation trainings). To support these operations, SpaceX has pre-locked NVIDIA's million-scale GPU production capacity and swiftly constructed the Colossus series AI computing clusters using its modular engineering capabilities, originally intended for training SpaceX's own xAI Grok large model. AI giants are willing to pay a premium for computing power from SpaceX due to the global shortage, where money cannot buy chips, and chips alone cannot build data centers. Building a 1-gigawatt data center typically takes two years, but SpaceX can deliver it in just three months.

Moreover, SpaceX is evolving into a 'vertically integrated cloud service provider.' Unlike traditional providers like Amazon AWS and Microsoft Azure, SpaceX possesses full-stack capabilities, ranging from power generation (solar) and data center construction to global transmission networks (Starlink).

The Colossus data center clusters employ self-developed liquid cooling technology and modular design, delivering high-density computing power for AI training at a cost significantly lower than the industry average.

The Starlink network addresses the challenge of high-speed interconnection between data centers, enabling distributed computing power scheduling.

What excites the capital market even more is the 'gigawatt-scale space AI computing power cooperation' clause in the contract. Space data centers offer substantial advantages over ground-based counterparts:

They are not constrained by land resources, utilize solar power for uninterrupted 24/7 operation, benefit from high natural cooling efficiency in a vacuum environment, and can be accessed with low latency from anywhere globally.

The Starship rocket serves as the carrier for realizing this vision. Once space data centers are successfully deployed, SpaceX will control the upstream of global AI computing power, becoming a dominant force in the AI era.

2. Starlink: The Long-Term Value Anchor

Despite the promising prospects of the computing power business, Starlink remains SpaceX's most reliable revenue generator and the cornerstone of its valuation.

As of the first quarter of 2026, Starlink has deployed over 9,000 satellites globally, amassing over 10.3 million users across more than 100 countries and regions.

Starlink's commercial value extends beyond consumer-grade internet services to government and enterprise markets. In military conflicts, Starlink has demonstrated its reliability in military communications, leading the U.S. Department of Defense to sign billion-dollar contracts with SpaceX.

In maritime, aviation, energy, and other industries, Starlink is rapidly replacing traditional satellite communication services. According to industry analyst Andy Li, Starlink's annual revenue is expected to exceed $50 billion by 2030, making it the world's largest satellite communication operator.

More notably, Starlink provides synergistic benefits for SpaceX's other businesses. It serves as the global transmission network for space data centers and as the largest customer for the Starship. The next-generation V3 Starlink satellites will weigh three times as much as the current version and offer ten times the performance, necessitating the economic bulk delivery capabilities of the Starship rocket.

This 'rocket-satellite-service' integrated model provides SpaceX with a formidable competitive advantage.

3. Traditional Aerospace Business: A Solid Foundation

In addition to Starlink and the computing power business, aerospace launch and crewed spaceflight businesses remain significant revenue sources for SpaceX.

Leveraging the cost advantages of the Falcon 9 rocket, SpaceX has captured over 70% of the global commercial launch market. Whether it's NASA's Artemis moon landing program, International Space Station resupply missions, or commercial crewed spaceflight businesses, they all contribute stable cash flow to SpaceX.

Among these, the Artemis program holds particular significance. NASA has awarded SpaceX a total of $3.87 billion in contracts for the Human Landing System (HLS) development, with an initial contract value of $2.9 billion, and plans to execute the Artemis IV crewed moon landing mission in 2028.

If successful, SpaceX will become the first commercial company in history to send astronauts to the moon, securing more government contracts and facilitating Musk's ambitious Mars colonization plan.

II. Technological Edge: Starship as the Cornerstone

Regardless of how much SpaceX's business portfolio expands, its core competitiveness always rests on aerospace technology, with the Starship rocket serving as the ultimate cornerstone.

Without the achievements of the Starship, SpaceX's computing power business would lack significance, and the $1.75 trillion valuation would be untenable.

Shortly after submitting the prospectus, the new-generation V3 Starship completed its first test flight, likely intended to showcase its capabilities to the capital market. The V3 Starship, SpaceX's most advanced launch vehicle, stands 124 meters tall, is equipped with 33 upgraded Raptor 3 engines, and can carry over 100 tons to low Earth orbit.

Although the test flight experienced technical anomalies, such as premature engine shutdowns and a failed return ignition of the first-stage booster, the overall performance exceeded market expectations. The Starship successfully completed key steps like takeoff, stage separation, satellite deployment, and controlled splashdown in the Indian Ocean, indicating that the technology is nearing maturity and routine commercial launches are imminent.

As Musk stated, 'The Starship is the reason for SpaceX's existence.'

III. Asset Strategy: The Rationale Behind Holding 18,712 Bitcoins

Another notable detail in the prospectus is that SpaceX currently holds 18,712 bitcoins, with an average purchase cost of $35,000. At the current market price, these bitcoins are worth approximately $1.45 billion, surpassing Tesla's 11,509 bitcoins and Coinbase's 14,458 bitcoins, making SpaceX the company with the largest bitcoin holdings outside the cryptocurrency circle.

1. Asset Diversification and Risk Mitigation

In a context of ongoing global geopolitical uncertainty and volatile sovereign currencies, Bitcoin, as a decentralized global reserve asset, provides SpaceX with liquidity protection that traditional fiat currencies cannot offer.

Unlike government bonds or stocks, Bitcoin is not controlled by any country or institution and generally cannot be frozen or confiscated. It can be transferred globally, holding high strategic value for a company with worldwide operations and frequent government interactions.

2. Payment Infrastructure for the Interstellar Economic System

Musk's long-term vision is to establish a multi-planetary civilization, and decentralized Bitcoin may potentially become the universal payment method for the future interstellar economic system. SpaceX's significant Bitcoin holdings can be seen as a proactive布局 (layout) for the interstellar economy.

3. Brand Effect and Community Influence

Musk's support for Bitcoin has brought noticeable brand effects and online influence to SpaceX. With tens of millions of Bitcoin holders globally, many of whom are also fans of Musk, this support enhances SpaceX's brand appeal.

IV. Governance Controversy: Betting on SpaceX Means Betting on Musk

Despite its impressive business data, SpaceX's governance structure is quite controversial. The prospectus reveals that SpaceX's board consists of eight members. Apart from Musk and company president Gwynne Shotwell, most others are individuals who have had decades-long relationships with Musk.

This 'founder + loyal followers' board structure has created the most aggressive governance model in the history of U.S. listed companies:

Musk alone controls approximately 84% of the voting rights, making it virtually impossible for him to be removed by the board. The company's bylaws stipulate that all shareholder claims must be resolved through mandatory binding arbitration, prohibiting lawsuits in federal court, including class actions. This means investors have almost no possibility of safeguarding their rights through legal channels.

At the same time, only shareholders holding more than 3% of the shares are eligible to file derivative lawsuits. Based on a $1.75 trillion valuation, this means investors need to hold at least $45 billion worth of shares to sue the company's directors and executives.

This clause has angered large institutional investors such as the New York State Common Retirement Fund and the California Public Employees' Retirement System, who argue that this governance structure severely damages shareholder rights and places investors in an extremely disadvantaged position.

However, for Musk, this decision draws lessons from previous rejections—Tesla's compensation plan being vetoed by a Delaware court and his removal from OpenAI's board—ensuring his absolute control over the company.

The prospectus also straightforwardly recognizes the company's significant "reliance" on Musk. "Mr. Musk's leadership, vision, and technical prowess are fundamental cornerstones for the company's future achievements. Any decrease or cessation of Mr. Musk's active participation would substantially and adversely impact the company's operations, financial health, and future growth prospects."

What does this imply? It suggests that when investors allocate substantial funds to purchase SpaceX shares, they are, in essence, investing in Musk's individual capabilities and forward-looking vision. This is undeniably an unprecedented high-risk venture, with the bet being placed on Musk's ability to swiftly establish regular Starship launches, construct the world's most extensive AI computing network, and even facilitate human missions to Mars.

V. Risks and Prospects

SpaceX's valuation of $1.75 trillion signifies a costly wager in the annals of business on the potential future of humanity. It encompasses various high-potential sectors, such as aerospace, telecommunications, AI, and cryptocurrency assets, creating a holistic ecosystem that spans from the Earth to space and from hardware to software. However, beneath the surface of celebration, risks abound.

Firstly, substantial uncertainties persist in the technological evolution of the Starship. Although the inaugural test flight of the V3 Starship showed promise, achieving complete reusability and regular launch capabilities necessitates overcoming a series of technical hurdles. Any setbacks in the Starship's development could disrupt SpaceX's entire business strategy.

Simultaneously, competition in the AI computing market is escalating. Tech behemoths like Amazon, Microsoft, and Google are making substantial investments in AI computing infrastructure. While SpaceX holds advantages with Starlink and Starship, its capacity to secure a dominant position in the computing market remains uncertain.

Thirdly, the highly centralized corporate governance structure is fraught with inherent risks. Musk's concentration of power, while ensuring efficient decision-making, also elevates the risks associated with autocratic leadership.

Lastly, regulatory risks cannot be ignored. SpaceX's operations encompass sensitive sectors such as aerospace, telecommunications, and AI, industries that are closely scrutinized by governments globally. Alterations in regulatory policies could have a significant impact on SpaceX.

Nevertheless, it is undeniable that SpaceX has revolutionized the human aerospace industry and is paving the way for a new era in the space economy. The ultimate outcome of this historic IPO will not only shape SpaceX's future but also influence the direction of the global tech industry.

Will Musk's space aspirations herald a new chapter for human civilization, or will they merely represent another bubble in the capital markets? Only time will reveal the answer.