"THE WORLD FIRST TRILLIONAIRE"_ The Elon Musk Trillionaire Talk Is Back As SpaceX Locks in a $1.77 Trillion Valuation (Ben Smith - REDSTATE)

RedState

The Elon Musk Trillionaire Talk Is Back As SpaceX Locks in a $1.77 Trillion Valuation

By Ben Smith | 8:14 PM on June 11, 2026

The opinions expressed by contributors are their own and do not necessarily represent the views of RedState.com.

AP Photo/Jose Luis Magana

Three weeks ago, I wrote that SpaceX's IPO numbers were so massive they could make Elon Musk the world's first trillionaire.

At the time, many investors figured the final number would come down.

It didn't.

On Thursday, SpaceX finalized its IPO price at $135 per share ahead of Friday's Nasdaq debut. The company will sell more than 555 million shares and raise approximately $75 billion in what is now the largest IPO in history.

Saudi Aramco raised about $29 billion when it went public in 2019. That was the benchmark. SpaceX just blew past it by more than $45 billion.

The company set the price before beginning its investor roadshow and never moved it. 

SpaceX reported $18.7 billion in revenue during 2025, up 33 percent from the previous year. More than half of that came from Starlink, which generated roughly $11 billion while serving more than 10 million subscribers worldwide. The satellite internet business alone produced more than $4 billion in operating income.

The company spent roughly $20.7 billion on capital expenditures in 2025, a level comparable to Microsoft, Meta, and Alphabet. After reporting a profit in 2024, SpaceX posted a $4.9 billion loss as it poured money into launch infrastructure, satellites, and artificial intelligence computing capacity.

Jim Chanos, the investor known for predicting Enron's collapse, argues the company is dramatically overvalued. Senator Elizabeth Warren (D-MA) has demanded additional scrutiny from regulators and questioned some of SpaceX's projections.

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READ MORE: https://redstate.com/ben-smith/2026/06/11/spacex-just-locked-in-a-177-trillion-valuation-the-elon-musk-trillionaire-talk-is-back-n2203270

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