Source: Fortune
Summary
Elon Musk is reportedly planning a summer IPO for SpaceX, which could value the company at $1.5 trillion. This would require SpaceX to earn more than Berkshire Hathaway to justify the valuation, but the company’s financials are fragmented and largely unconsolidated. CFOs may want to pay attention to this deal as it could reset valuation norms and capital-raising ambitions across industries.
Our Reading
The numbers tell one story.
SpaceX’s $1.5 trillion valuation would trail only Saudi Aramco in market cap, but the company’s financials show a $2.4 billion loss over the first nine months of 2025. Investors are buying a growth story, not earnings. If public investors agree with Musk’s terms, it could reset valuation norms and capital-raising ambitions. CFOs at scaled unicorns and mega-caps may need to revisit their own IPO or spin-off math.
SpaceX’s IPO math is a case study in stretching valuation and earnings assumptions.
Author: Evan Null
