As Elon Musk's SpaceX prepares to debut at a valuation of nearly $1.75 trillion, investors are also confronting a question: Does the biggest IPO in history signal that the technology rally is nearing its peak?
SpaceX is set to raise about $75 billion, eclipsing Saudi Aramco's record $26 billion listing in 2019. Investor demand has reportedly reached nearly $150 billion, even though the company remains loss-making and generated revenue of $18.67 billion in 2025.