Is Elon Musk Selling 'Hopium' With the $1.8 Trillion SpaceX IPO?

The motorboat countdown is connected for SpaceX.

Elon Musk's abstraction exertion institution appears to beryllium preparing for an archetypal nationalist offering (IPO) connected June 12, 2026. Reports swirled for weeks that SpaceX could people a valuation of $2 trillion. Recently, though, the institution trimmed the fig to astir $1.8 trillion.

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This fig volition inactive marque SpaceX the eighth-largest U.S. institution by marketplace headdress (knocking Musk-led Tesla (NASDAQ: TSLA) down a spot). It volition besides go the largest concern institution based connected marketplace cap.

Much has been written astir the upcoming IPO. However, 1 of the astir absorbing takes, successful my opinion, was an nonfiction written by Ed Elson, who co-hosts the Prof G Markets podcast with NYU Stern selling prof Scott Galloway. Elson argued successful the nonfiction posted connected X (formerly Twitter), which ironically is present portion of SpaceX, that SpaceX's IPO filing is "unserious, empty, hallucinatory, and borderline dishonest."

Is Musk selling "hopium" with the $1.8 trillion SpaceX IPO?

Reasons for genuine excitement astir the SpaceX IPO

To beryllium sure, investors person respective reasons to beryllium genuinely excited astir the SpaceX IPO. Obviously, the unprecedented size of the nationalist offering warrants attention. SpaceX presently dominates the motorboat and outer net services markets.

Who wouldn't get excited astir a concern that's virtually shooting for the satellite -- and beyond? SpaceX already transports radical and supplies to the International Space Station. It plans to onshore connected the satellite and yet found a quality colony connected Mars. These arguably aren't pie-in-the-sky dreams. The Starship vehicle, the halfway of the company's lunar and interplanetary aspirations, has been connected aggregate missions orbiting Earth.

Importantly, SpaceX's concern is besides booming. The institution reported $18.7 cardinal successful gross successful 2025, up astir 33% twelvemonth implicit year. Starlink, SpaceX's outer net service, accounted for astir $11.4 cardinal of the total.

Although SpaceX isn't profitable yet, Starlink is. The unit's operating income topped $4.4 cardinal past year. The company's abstraction conception isn't acold from turning a profit, either, with a 2025 nonaccomplishment of $657 million.

Investors whitethorn besides retrieve that immoderate scoffed astatine Musk during Tesla's aboriginal days. Today, Tesla's marketplace headdress is adjacent $1.4 trillion. Musk is the world's wealthiest idiosyncratic -- and is astir apt astir to go the archetypal trillionaire aft SpaceX goes public.