SpaceX is preparing what could become the largest initial public offering in history, with a valuation that would place Elon Musk’s rocket company somewhere between $1.75 trillion and $2 trillion.

The IPO could raise up to $75 billion in proceeds, a figure that would dwarf every previous public listing. Nasdaq is reportedly prepared to change its index inclusion rules specifically to accommodate SpaceX’s entry into the Nasdaq-100.

The index problem, explained

Nasdaq is reportedly considering a rule change that would allow SpaceX to be fast-tracked into the Nasdaq-100 within just 15 trading days of its listing. Under current rules, that kind of rapid inclusion would be unusual for any new entrant, regardless of size.

Fast-tracked inclusion would mean index funds would need to start buying SpaceX shares almost immediately, creating a built-in demand floor from day one.

What SpaceX actually looks like on paper

Starlink currently serves approximately 11 million users worldwide. The company’s target is ambitious: 50 million users generating $40 billion in recurring revenue.

The Q1 financials tell a more complicated story, though. SpaceX posted revenues of $4.69 billion against a net loss of $4.28 billion.

The control question

Musk plans to maintain over 85% of voting power through a dual-class share structure, despite holding roughly 41% of the economic interest in the company.

What this means for investors

If indexes start rewriting their inclusion criteria to accommodate individual companies, it sets a precedent that could affect how every future mega-IPO interacts with passive investment infrastructure.

A company valued at nearly $2 trillion with quarterly losses exceeding $4 billion is priced for a very specific future. If Starlink’s user growth stalls, there’s a long way to fall from a $2 trillion starting point.