Here Is the Most Jarring Number Ahead of SpaceX's IPO

SpaceX's projected valuation at IPO would make it one of the world's most valuable public companies.

With its 2025 revenue and expected valuation, SpaceX would be more expensive than every "Magnificent Seven" stock.

Investors should be cautious about investing in SpaceX right at its IPO.

When it became clear that SpaceX was headed toward its initial public offering (IPO), most investors could reasonably expect it to be one of the largest ones in recent memory. However, few would've predicted it would become the largest IPO in stock market history.

SpaceX is set to sell 555,555,555 shares at $135 each during its IPO on June 12, raising $75 billion and starting with a valuation of around $1.77 trillion. And while beginning your public debut as the world's eighth most valuable public company (based on market caps on June 8) is quite the feat, the valuation itself isn't the most jarring number. Let's take a look at what it is.

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Market cap and valuation by themselves don't necessarily tell you if a stock is "cheap" or "expensive," but you can get an idea of it when you compare it to a company's revenue or profit. Since SpaceX isn't profitable (it lost $4.9 billion in 2025), it's better to look at how its revenue compares to its valuation.

Last year, SpaceX made $18.7 billion in revenue. If we use that figure, its price-to-sales (P/S) ratio -- which tells you how much you're paying per $1 of a company's revenue -- would be 93.6. There's expensive, and then there's that .