Debate over SpaceX’s valuation intensified ahead of its expected June 12 IPO as investors questioned whether the company’s proposed pricing leaves sufficient upside for new shareholders. Critics pointed to comparisons with historic technology listings, noting that Apple went public in 1980 with a valuation below $2 billion and a revenue multiple of roughly 15 times, while SpaceX is reportedly seeking a valuation near $2 trillion at around 100 times revenue.
Supporters argue that SpaceX operates in markets with substantially larger addressable opportunities, including satellite communications, launch services, defense technology, and artificial intelligence infrastructure. The company’s Starlink business and dominant position in commercial spaceflight have fueled expectations for long-term growth.
The discussion highlights growing concerns about valuation levels as investors prepare for what could become the largest IPO in market history. Market participants are closely watching demand ahead of the final pricing process.
