SpaceX’s plan to go public at a valuation approaching $1.78 trillion has rapidly evolved from a moonshot idea into a tightly choreographed campaign that mixes bold growth promises with unusually explicit warnings for investors.

In late May and early June, SpaceX began amending its IPO documents, signaling just how central artificial intelligence and data infrastructure have become to the business. One filing shows Goldman Sachs projecting that the company’s AI revenue could increase “100-fold by 2030,” projections that help underpin the $1.78 trillion price tag being pitched to investors.¹ Another amendment quietly added a new risk: access to water. SpaceX now tells investors that “significant water resources may be required for cooling large-scale data center operations” and that water has become a “critical consideration in data center site selection, development and operations.”²

On June 1, further language appeared warning that the company “may issue a significant amount of equity in connection with future transactions,” a phrase analysts read as preparing the ground for major post-IPO deals, potentially including a long-rumored combination with Tesla.³ The same amended filings describe how Musk’s special Class B shares give him 10 votes per share, insulating his control from dilution.

As the documents evolved, the financial stakes crystallized. By June 3, reporting showed SpaceX plans to raise $75 billion by selling 555.6 million shares at $135 each, implying a valuation of roughly $1.75 trillion and shattering previous IPO records.⁴ Another account the same day said the rocket and AI group is seeking “to raise up to $86bn” at a $1.78 trillion valuation in what would be “the biggest Wall Street debut of all time.”⁵ A separate report noted that at that share price, SpaceX would be valued at $1.77 trillion and “would make SpaceX the seventh-biggest company in the U.S. by market cap, and put it above Tesla.”⁶

Market commentary has framed the deal as both an unprecedented opportunity and a stress test for modern capital markets. One analysis described it as “the largest Wall Street debut in history,” while warning that how SpaceX “plans to support its gargantuan valuation is not obvious,” and pointing to uncertainties around its frontier AI model strategy and Musk’s accountability under provisions that give him “more freedom — and potentially less accountability.”⁷

Alongside the formal filings, Musk has used social media to rally enthusiasm. He amplified a post calling SpaceX “the largest IPO in history expected around June 12,” placing it within a broader narrative of “unprecedented” execution across his companies.Elon Musk (elonmusk)⁸ Another tweet highlighted how Fidelity will open access to the IPO to retail brokerage customers with as little as $2,000, noting SpaceX has reserved a “much higher percentage of the offering (up to 30%),” which could broaden ownership beyond traditional institutional buyers.Elon Musk (elonmusk)⁹

Yet the same online campaign underscores the tension at the heart of the deal. A TechCrunch overview noted that while “ordinary investors can at last bet directly on AI’s potential,” the IPO is “a big risk for the millions of investors who have put savings into passive investing,” given its sheer scale and the uncertainties around AI business models and environmental constraints.⁷ As the expected June 12 listing approaches, supporters frame the offering as a historic bet on a multiplanetary, AI-driven future, while critics see a concentrated wager on one founder’s vision and control.