SpaceX, the private space company founded by Elon Musk, is scheduled to list on the Nasdaq on Friday in what is reportedly the largest initial public offering in history, according to a Business Today report by the TOI Business Desk.
At the IPO price of $135 per share, SpaceX commands a market valuation of approximately $1.75 trillion, placing it among the most valuable publicly traded companies globally despite not yet turning profitable. The company generated revenue of $18.67 billion in 2025 while reporting a net loss of $4.94 billion. The IPO itself raised a record $75 billion, as noted in the report's sub-headline.
IPO Details and Listing Mechanism
The listing has attracted overwhelming interest from investors worldwide. However, for investors in India, participating directly in the IPO was not an option. Unlike domestic public offerings, US IPOs do not offer a direct allocation route for Indian retail investors. Those looking to invest can now only access the stock after its market debut through international investing platforms or via NSE IX in GIFT City, according to the report.
Financial Performance and Valuation Debate
SpaceX's diverse businesses include space launches, satellite broadband services through Starlink, defence-related operations, and artificial intelligence via its xAI venture. This mix gives the company exposure to several high-growth industries, but its financials remain in the red. The report highlights a key debate among investors: whether the stock is worth buying immediately after listing, given that the valuation already reflects high expectations about future growth.
Expert Perspectives on Investment Risk
Market experts quoted in the report are split on the issue. Ishan Tanna, Senior Associate at Ashika Capital, told ET that SpaceX is a distinctive business backed by cutting-edge technology and several long-term growth opportunities. At the same time, he noted that the market valuation already reflects extremely high expectations. According to Tanna, a valuation of $1.75 trillion suggests investors are placing greater emphasis on the company's ability to deliver future growth than on its current financial performance. He believes the stock could have a place as a limited diversification bet but warned that aggressively buying after a highly enthusiastic market debut may expose investors to considerable valuation-related risks.
Niteen Dongare, Director and CEO of Anand Rathi International Ventures IFSC, said the listing gives Indian investors access to a business model that has few comparable alternatives in global equity markets. He pointed out that SpaceX occupies a dominant position in commercial space launches and satellite connectivity through Starlink, offering exposure to industries extending well beyond the traditional technology sector.
However, Sunny Agrawal, Head of Fundamental Research at SBI Securities, urged caution and believes investors should refrain from buying the stock after its market debut. Agrawal argued that the company's lack of profitability, combined with an extremely stretched valuation, makes the risk-reward equation unfavourable for new investors. A key concern is the extent to which future growth expectations have already been built into the stock price.
Some analysts suggest getting exposure through global technology or space-focused funds that may eventually hold SpaceX, thereby reducing the risks associated with owning a single stock, the report added.
Summary of Key Financial Figures
| Metric | Value |
|---|---|
| IPO price per share | $135 |
| Market valuation | ~$1.75 trillion |
| 2025 revenue | $18.67 billion |
| 2025 net loss | $4.94 billion |
| IPO proceeds raised | $75 billion (record) |
What to Watch
Indian investors and global market participants will closely monitor SpaceX's trading debut on Friday. The after-market performance will provide a first indication of whether the enormous valuation is sustainable. Access through GIFT City or international platforms remains the primary route for Indian buyers, but experts caution against rushing in at the opening bell.
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