How SpaceX’s $135 IPO plan could become the ultimate referendum on growth investing – Firstpost

For years, investors have debated one of the biggest questions in financial markets: how much should the future be worth today? Elon Musk’s SpaceX may soon provide the ultimate answer.

The rocket and satellite communications giant is preparing one of the most ambitious public listings in history, with plans to set its IPO price at $135 per share and raise nearly $75 billion, according to a Reuters report. The offering could value SpaceX at a staggering $1.75 trillion, putting it in the league of the world’s biggest technology companies even before entering public markets.

But this is not just another blockbuster IPO. SpaceX’s public debut could become a defining moment for growth investing, a test of whether investors are still willing to pay enormous premiums for companies built around disruptive technologies, visionary founders and markets that may take years or decades to fully mature.

A company selling the future

Traditional investing has usually rewarded companies based on earnings, cash flows and proven business models. SpaceX is challenging that playbook. The company’s valuation depends not only on what it has already built, reusable rockets and the Starlink satellite internet network, but also on what Musk believes it can become: a dominant force in space infrastructure, artificial intelligence computing, satellite communications and eventually interplanetary travel.

SpaceX has already changed the economics of space exploration through reusable rocket technology, dramatically reducing launch costs and securing contracts across commercial and government markets. Its Starlink constellation has created one of the largest satellite broadband networks globally, giving the company a recurring revenue business beyond rocket launches.

However, the biggest part of SpaceX’s valuation story is linked to markets that barely exist today. The company’s future plans reportedly include expanding AI computing resources, developing space-based infrastructure and exploring concepts such as solar-powered data centres in orbit. These ideas represent potentially massive opportunities, but they also carry significant technological and financial uncertainty.

That is why the IPO is being viewed as a test of investor conviction.

The valuation challenge

At a proposed valuation of $1.75 trillion, SpaceX would enter public markets with expectations usually reserved for highly profitable global technology giants.
The company generated revenue of $18.67 billion in 2025, up from $14.02 billion a year earlier. However, despite rising sales, SpaceX reported a net loss of $4.94 billion compared with a profit of $791 million in the previous year. This creates a classic growth investing dilemma.

Supporters argue that companies building entirely new industries cannot be judged using conventional financial metrics. They point to Musk’s track record at Tesla, where early investors accepted years of losses before the company became one of the world’s most valuable automakers.

For them, SpaceX is not simply a rocket company. It is a long-term infrastructure bet on the future of connectivity, computing and space commerce. Critics, however, question whether investors are assigning too much value to possibilities rather than performance.

According to Reuters, Starlink remains SpaceX’s main profitable business segment, while other areas continue to consume significant capital. This means investors are effectively betting that today’s expensive experiments will become tomorrow’s trillion-dollar businesses.

Musk rewrites the IPO playbook

The IPO process itself reflects Musk’s unconventional style. Companies preparing to go public usually announce a price range and allow investor demand during the roadshow to determine the final price. SpaceX, however, is reportedly considering fixing the IPO price at $135 per share before formal investor presentations, a rare “take-it-or-leave-it” approach.

The offering is also expected to be all-primary, meaning the money raised will go directly into SpaceX rather than allowing existing shareholders to cash out. This structure could strengthen investor confidence by showing that insiders are focused on funding future expansion rather than exiting.

Musk is also expected to continue holding his shares after the listing, reinforcing the message that he remains committed to the company’s long-term ambitions.

A new era of mega IPOs?

SpaceX’s listing could also reopen the market for massive technology IPOs after a quieter period for large public offerings. Its debut is expected to be followed by other high-profile companies, including artificial intelligence giants OpenAI and Anthropic, potentially bringing trillions of dollars of new technology value into public markets.

The timing is significant. Investors are already pouring money into artificial intelligence, automation and next-generation computing. SpaceX combines several of these themes—AI infrastructure, communications technology and space—into one company.

That combination could create huge demand among institutional and retail investors, especially given Musk’s global following. But it also raises bigger questions. Are markets entering a new era where companies creating future industries deserve historically high valuations? Or are investors repeating the familiar mistake of chasing revolutionary ideas without enough attention to financial reality?

The answer may only become clear years from now. For the moment, SpaceX’s $135 IPO plan represents more than a stock market debut. It is a trillion-dollar test of faith in Elon Musk, in space technology and in the idea that the biggest companies of tomorrow may look expensive today.