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.

A 92x price-to-sales ratio puts SpaceX in rarefied air. Tesla, the other company most closely associated with Musk, traded at roughly 15-20x sales during its most euphoric periods.

Shares are set to begin trading on Nasdaq under the ticker SPCX on June 13. The $75 billion raised makes this not just the largest IPO in history, but the largest by a wide margin. For perspective, Saudi Aramco’s 2019 listing previously held the record at roughly $25.6 billion. SpaceX nearly tripled it.

What SpaceX actually does (and owns)

The bull case for SpaceX rests on three pillars: its Falcon and Starship rocket programs, the Starlink satellite internet constellation, and increasingly, its ambitions in AI-adjacent technologies. Starlink alone serves millions of subscribers across dozens of countries and represents the closest thing SpaceX has to a recurring revenue machine.

According to SpaceX’s May 2026 filing, the company holds 18,712 Bitcoin on its balance sheet, valued at approximately $1.29 billion. That makes SpaceX one of the larger corporate Bitcoin holders, though the BTC position represents less than 0.1% of the company’s total valuation.

There are no native tokens associated with SpaceX, despite what you might see floating around social media. The company is a traditional equity story, just one with a Bitcoin-flavored footnote.

On-chain derivative markets have been even more aggressive than the IPO pricing. Platforms tracking synthetic SpaceX exposure have indicated implied valuations between $1.8 trillion and $2.4 trillion.

Why this matters for investors

SpaceX is losing nearly $5 billion a year. Its revenue, while growing rapidly, would need to multiply several times over just to bring the valuation multiple down to something resembling normal. And that’s before accounting for the capital expenditures required to keep launching rockets and deploying satellites at scale.

At 18,712 BTC, SpaceX’s position is meaningful but not market-moving. The more interesting dynamic is whether the IPO’s success or failure influences other pre-IPO companies to adopt similar Bitcoin treasury strategies.

A company valued at 92 times sales with a $4.9 billion annual loss needs everything to go right. Starlink subscriber growth needs to accelerate. Starship needs to reach full operational capability. If any of those pillars wobble, the multiple compression could be swift and painful.

Analysts and investors remain sharply divided. The optimists see a generational company with decades of growth ahead. The skeptics see a valuation that has already priced in a decade of flawless execution.