$1.77 trillion is too rich unless SpaceX delivers at least two of its three big bets, former Tesla board member Steve Westly told CNBC, arguing the company is effectively “three moonshots in one.”
555.6 million shares priced at $135 would raise $75 billion and make SpaceX the seventh-most valuable U.S. company, ahead of Tesla and the largest IPO on record.
Starlink currently underpins that valuation case because it generates most of SpaceX’s revenue and is the only profitable unit, while xAI was folded into the company in February alongside the core rocket business.
Westly said valuing the imminent IPO will be difficult because those businesses are “completely disparate,” and he added a merger of Tesla into SpaceX is “absolutely likely” despite expected governance complaints.
Is SpaceX's IPO a visionary investment or a $1.77 trillion gamble on one man's empire?
Can Starlink's profits fund both a Mars colony and a trillion-dollar AI dream before the cash runs out?
Inside SpaceX’s $1.77 Trillion IPO: Starlink, AI Bets, and the Governance Gamble
Overview
SpaceX made history in 2026 with its highly anticipated IPO, reaching a record $1.77 trillion market capitalization and pricing shares at $135 each. This achievement positioned SpaceX among the world’s most valuable public companies. The main driver behind this success was Starlink, which is widely seen as the largest contributor to SpaceX’s value. Starlink’s rapid growth, including 10,584 active satellites at IPO, marked the fastest large-scale infrastructure buildout ever. Its predictable cash flow and broad subscriber base gave investors confidence, making Starlink the foundation of SpaceX’s remarkable debut and future growth potential.