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

SpaceX is preparing one of the most ambitious public listings in history, aiming to price its IPO at $135 per share and raise nearly $75 billion. The offering would value the company at $1.75 trillion, positioning it among the world’s largest tech firms before its public debut. The IPO reflects a test of growth investing, where investors weigh SpaceX’s disruptive technologies and long-term vision against its current financial performance. The company generated $18.67 billion in revenue in 2025 but reported a net loss of $4.94 billion, contrasting with a $791 million profit the prior year. Starlink remains its most profitable segment, while other ventures, like AI computing and space infrastructure, consume significant capital. SpaceX’s valuation hinges on future markets that don’t yet exist, including space-based AI and solar-powered data centers in orbit. Critics question whether investors are overvaluing potential rather than proven performance, while supporters argue SpaceX’s vision aligns with Musk’s track record at Tesla. The IPO process itself is unconventional, with SpaceX reportedly fixing the price at $135 per share before investor presentations, a rare ‘take-it-or-leave-it’ approach. This strategy underscores Musk’s disruptive influence on financial markets, challenging traditional valuation methods tied to earnings and cash flow. Analysts view the IPO as a referendum on whether investors still prioritize growth over profitability in transformative industries. The outcome could redefine expectations for companies building entirely new markets, where long-term bets outweigh short-term metrics.