Most people are talking about SpaceX’s IPO as the biggest ever.
$1.75 trillion.
Bigger than almost anything we’ve seen hit public markets.
But size isn’t the interesting part.
What’s interesting is what investors are actually buying.
A satellite internet business that looks like software.
A rocket company with a cost advantage no one can match.
And an AI bet that’s still losing money.
All bundled into one.
At that valuation, you’re not just paying for what exists today.
You’re paying for what might exist 5–10 years from now.
That’s always tricky.
There’s also a small detail most people are missing, one that could matter a lot more for retail investors than the valuation itself.
Worth understanding before the hype takes over.
We broke it all down here: SpaceX’s IPO Could Be the Most Expensive Ever. Is It Worth It?