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

The Motley Fool·
Is Elon Musk Selling 'Hopium' With the $1.8 Trillion SpaceX IPO?

SpaceX is preparing for an IPO with an $1.8 trillion valuation, which would make it the eighth-largest U.S. company. While the company has impressive revenue growth ($18.7B in 2025, up 33% YoY) and Starlink profitability, critics argue the valuation is unjustified. SpaceX's 96x price-to-sales ratio far exceeds Tesla's 15.7x, and the company's $28.5 trillion total addressable market estimate is largely based on speculative AI data center plans rather than current business fundamentals.

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