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Elon Musk has just pulled back the curtain on the biggest public stock offering in history, and the numbers are ghastly.<\/p>\n
SpaceX, which is expected to go public on Nasdaq<\/a> in June, just released the first round<\/a> of financial summaries all companies are required to share when they\u2019re about to sell stock to the public for the first time. The documents reveal Musk is targeting a raise of at least $80 billion \u2014 for a proposed valuation of $1.75 trillion \u2014 which would immediately make the rocket company one of the top 10 most valuable conglomerates in the US, Axios calculated<\/a>.<\/p>\n With that kind of valuation in mind, one might expect SpaceX to be massively profitable going into its debut \u2014 but that\u2019d be dead wrong.<\/p>\n According to the financial statement, the company lost $4.9 billion in 2025, even though it brought in around $18.7 billion in revenue. It\u2019s not like that situation is about to turn around in time for the IPO, either: over the first three months of 2026, SpaceX posted further net losses of $4.3 billion.<\/p>\n As analyst Scott Melker pointed out<\/a>, SpaceX wants investors to believe the company will someday make 93 times what it currently makes in a year. To understand why that\u2019s absolutely nuts, just peep the numbers from the previous IPO record holder, Saudi Aramco, the state oil company of Saudi Arabia.<\/p>\n Commonly understood to be the most profitable corporation<\/a> on Earth, Aramco went public in 2019. When it did, investors accepted a valuation about 6 times more than what Aramco made in yearly sales, raising $26 billion for a valuation of $1.7 trillion, as one analyst noted<\/a>. SpaceX is asking for about 15 times more than that.<\/p>\n \u201cBro, have you seen inflation lately? Ketamine is expensive!\u201d one stock analyst razzed<\/a> on X-formerly-Twitter (that platform, by the way, has all but imploded under Musk\u2019s leadership, with revenue down around 59 percent<\/a> compared to 2021, the year before he took over). <\/p>\n To justify its wild revenue ambitions, SpaceX estimates its total addressable market \u2014 the maximum money it could make if everything goes perfectly \u2014 at $28.5 trillion<\/a>. Of that, nearly 80 percent is attributed to the imaginary landscape of \u201centerprise applications,\u201d which the document describes as a buffet of various Earth-shattering AI tools that have yet to be built, including one agentic AI platform called \u201cMacrohard.\u201d<\/p>\n Put it all together, and the numbers only work if you put your faith in unprecedented earnings from technology that doesn\u2019t even exist, in a market as infinite and uncharted as outer space itself.<\/p>\n