SpaceX Just Lowered Its IPO Valuation Target by $200 Billion

SpaceX has reduced its IPO valuation target from $2 trillion to $1.8 trillion ahead of its expected June 12 debut. Despite a claimed $28.5 trillion addressable market, the company faces scrutiny over its valuation metrics, with a price-to-sales ratio of 96 at the new valuation, weak growth from its xAI subsidiary (12.5% YoY), and a net loss exceeding $4.9 billion in 2025. Analysts argue the prospective valuation remains unsustainably high.