Goldman Sachs has been tapped to lead what could become the most valuable initial public offering ever staged. SpaceX, Elon Musk’s rocket and satellite internet company, is reportedly preparing to go public at a valuation that would make every previous IPO look quaint by comparison.

The deal size is reported at up to $75B, with an anticipated valuation somewhere between $1.75 trillion and north of $2 trillion. For context, Saudi Aramco’s 2019 IPO, the current record holder, valued the oil giant at roughly $1.7 trillion. SpaceX would leapfrog that on day one.

The numbers behind the rocket math

Goldman Sachs has reportedly been selected as the lead left underwriter, the most prestigious position in an IPO’s banking syndicate. Other major banks are expected to serve as co-underwriters, though specific names haven’t been confirmed.

The gap between SpaceX’s private market valuation and its projected IPO price is striking. Recent private equity sales valued the company at approximately $180B to $210B. An IPO at $1.75 trillion or higher would represent roughly an 8x to 10x jump from those private market levels.

That kind of markup raises eyebrows, but it also reflects the unique position SpaceX occupies. The company operates Starlink, a satellite internet constellation that has become a genuine revenue machine, alongside its launch services business and the Starship program. No other company on Earth, or in orbit, offers that combination.

Speculation has centered on a potential June 12 listing date on the Nasdaq, though no official filing has been submitted to confirm the timeline. These figures remain subject to change until regulatory paperwork actually lands.

Why this matters beyond Wall Street

A SpaceX IPO at this scale would reshape the market landscape in several ways. It would instantly become one of the most valuable publicly traded companies globally, competing with the likes of Apple, Microsoft, and Nvidia for top spots in major indices.

For retail investors, this is significant because SpaceX has been one of the most sought-after private companies for years. The only way ordinary people could get exposure was through secondary market shares at steep premiums or through funds that held pre-IPO stakes. A public listing changes that equation entirely.

The sheer size of the offering, up to $75B, would also create a gravitational pull on capital markets. When that much money flows into a single IPO, it tends to come from somewhere. Institutional investors might trim positions in other holdings to participate, creating short-term ripple effects across equities.

Then there’s the Musk factor. Love him or find him exhausting, his companies tend to attract a devoted retail investor base that trades with conviction. Tesla’s post-IPO trajectory demonstrated what happens when Musk’s vision meets public market enthusiasm. Whether SpaceX follows that pattern or charts its own course remains to be seen.

The crypto connection, modest but real

Here’s where things get interesting for the digital asset crowd. Elon Musk has previously disclosed that SpaceX holds Bitcoin on its balance sheet. The size of that position hasn’t been publicly detailed, but the mere fact that a company potentially worth $2 trillion holds BTC carries weight.

Look, this isn’t MicroStrategy-level Bitcoin commitment. Nobody is suggesting SpaceX’s IPO is a crypto event. But when a company of this magnitude goes public with Bitcoin on its books, it normalizes corporate treasury diversification into digital assets in a way that quarterly earnings calls from smaller firms simply cannot.

There’s also a second-order effect worth considering. A successful SpaceX IPO would likely fuel broader risk-on sentiment in tech-heavy markets. Crypto has shown persistent correlation with high-growth tech stocks, particularly during periods of market optimism. A trillion-dollar-plus listing landing smoothly could add fuel to that dynamic.

The timing is also notable. Bitcoin has been trading at elevated levels, and institutional appetite for risk assets has been growing. A blockbuster tech IPO dropping into that environment could amplify existing momentum across asset classes, crypto included.

For investors watching from the digital asset side, the practical question is whether SpaceX’s IPO prospectus will disclose the exact size of its Bitcoin holdings. That filing, whenever it arrives, will be the first time the public gets a transparent look at how much BTC sits on the company’s balance sheet. If the number is substantial, expect it to become a talking point that extends well beyond aerospace circles.

The broader takeaway for crypto-native investors is subtler. Every major company that lists publicly while holding Bitcoin makes the next company’s decision to do the same slightly easier. It’s not a revolution. It’s erosion of the old guard’s resistance, one balance sheet at a time. And when the company in question might be valued at $2 trillion, that erosion accelerates considerably.