The hype around SpaceX is out of this world, as the Elon Musk-led company eyes a $2 trillion valuation for its initial public offering targeted for this summer.

SpaceX confidentially filed for its IPO this month, with Bloomberg reporting its targeted valuation is above $2 trillion as it looks to raise $2 billion in what would be the largest IPO ever— exceeding the previous record set by Saudi Aramco’s $29 billion IPO raise in 2019.

Falcon Wealth Planning, a California-based RIA overseeing about $6 billion in client assets, has been offering pre-IPO SpaceX exposure since 2024 through special purpose vehicles that buy the company’s private shares at roughly a $210 billion valuation. Upon a SpaceX IPO, Falcon’s client positions through the SPV would roll into the newly public stock, with shares generally subject to a roughly six‑month lockup period before they can be sold.

“Clients are absolutely going bonkers over this. You look at Starlink, the revenue, that thing prints money. Just the amount of satellites they have — controlling [around] 70% of all global satellites, and their goal is to add more,” Falcon Wealth Planning founder Gabriel Shahin told InvestmentNews.

Musk’s satellite subscription-based internet system Starlink operates over 10,000 active satellites and is the main revenue driver for SpaceX. For 2025, Starlink generated EBITDA profit margins of 63% on $11.4 billion in revenue, according to The Information. Musk merged xAI with SpaceX in February, bringing together his rockets, Starlink satellites, X social media platform, and Grok AI chatbot under one company led by the world’s richest person. Last week, SpaceX also announced it agreed to buy AI coding startup Cursor for $60 billion.

“Their biggest risk is a monopoly. Elon Musk, he’s not a fool. He’s going to provide internet to the world, potentially phone service, data on everybody to know your location, potentially satellite images using AI to analyze data. Then he’s gonna have data centers. This could be the next Lex Luthor,” said Shahin.

Emily Fletcher, co-founder of OpenArc Corporate Advisory, helped steer clients into some of Merrill Lynch’s largest IPO “friends and family” allocations as an underwriter before leading her team’s breakaway from Merrill to launch an RIA last fall.

“You never know what those IPOs—it could be great and pop really good, or it may sell off a bit. But just the value around that IPO [for SpaceX], there is a lot of interest. We were able to offer some Anthropic [pre-IPO exposure] five months ago, so we’re hoping to be able to do something similar there [with SpaceX],” said Fletcher.

Nasdaq has made rule changes effective May 1 to allow large IPOs to join the Nasdaq 100 Index just 15 trading days after listing. This provides a fast-track to public investor exposure for SpaceX, replacing existing three month waiting periods to join the Nasdaq 100 index. 

“It appears there’s a lot of new aspects of this [SpaceX] IPO, in terms of its immediate inclusion in various index funds and benchmarks out of the gate, that will also guarantee immediate buy-in from very large asset managers,” said Eric Franklin, co-founder and advisor at Prospero Wealth. “I actually don’t know how I feel about changing the rules of these index listings to accept an individual company on day one. I guess it is what it is. We’ll see what happens.”

Franklin is a former Amazon employee who started Prospero Wealth to serve executives at tech companies. Prospero Wealth manages around $140 million in client assets but urges caution on retail investing in the SpaceX IPO given its internal market valuations between $1.75 to $2 trillion being over 100 times its reported revenue totals of around $15 billion.

“I do think the public itself is very hungry to have exposure to these companies. But these companies have, no pun intended, astronomical valuations associated with them relative to the business that they’re producing today. So I think there’s a lot of risk in the way that these companies are going to come to market,” said Franklin.

Franklin’s risk-warning is juxtaposed by Shahin’s more bullish position. Shahin likens SpaceX’s mix of hardware and subscription-based services to Apple, arguing Starlink could mirror the dominance of the iPhone and Apple’s money-printing subscriptions for cloud storage and other media. Yet, SpaceX’s Starlink faces less competition than Apple’s phones.

“There’s no competition for SpaceX, which is why the $2 trillion is priced to perfection,” said Shahin. “If you want high speed internet, what are cruise ships going to do? What are airlines going to do, and what are people in rural areas going to do? You have one option only, I think that’s the reality.”