Forbes' latest data has finalized a highly suspenseful figure:Musk's current net worth is approximately8230billion US dollars, only about 18001800billion short of the trillion threshold.

He has never been closer to this historic node. What really fills the last piece of wealth territory for him is probably not Tesla, which is deeply involved in a price war, nor Neuralink, which is still in its early stages. leaf="">IPO.

4At the beginning of the month, many mainstream media quoted people familiar with the matter as saying that SpaceXHas been confidentially submitted to the U.S. Securities and Exchange CommissionIPORegistration draft, targeting 2026year6month.

But compared to Musk's personal wealth jump, the capital market is more concerned about another underlying logic: Why is this company worth so much money?

The largest in historyIPO

The scale of thisIPO is disruptive. The expected fundraising scale exceeds 750USD, directly breaking 2019Saudi Aramco set a historical record of 290billion dollars. The overall valuation falls between 1.5trillion to1.75Trillion-dollar range, and some sources have even pushed expectations to 2trillion.

Underwriting lineup21Banks, led by Morgan Stanley,Robinhood, SoFi text="">Other platforms take over the retail end and open to retail investors about 30%of the subscription share——TraditionalIPOUsually only given to10%.

This30%is not to stabilize the stock price. In the logic of the capital market, retail investors are synonymous with high volatility and high liquidity. Musk intends to use his huge fan base and belief base to create the ultimate FOMOemotion in the early stage of listing, and SpaceXBuild it into the largest faith stock in history.

After clarifying this point, Musk's path to increasing wealth becomes very clear. Forbes' current estimate of 8230$100 million already includes SpaceX leaf="">In the private equity market, the valuation is approximately1.25trillion US dollars.

What helped him cross the trillion threshold was not the assets created out of thin air, but the emotional premium in the public market. Jumping from private equity1.25trillion toIPO text="">1800Billion gap.

SpaceXWhat kind of company is it

If your understanding ofSpaceXis still there"HelpNASAlaunch rockets", that is at least five years behind the times. Today'sSpaceX has been alienated into a company that cannot find a direct analogyobject in the capital marketCompound technology giant.

One of the advantages of SpaceXis the control of launch costs. The recyclable technology of the Falcon series rockets makes the cost of a single launch 70% lower than that of traditional disposable rocketsA single rocket has achieved the most29reuses. 2025YearSpaceXIt is expected to complete about 170 launches, accounting for about half of the total global orbital launches.

This not only means higher profit margins, but also means that the barriers to entry into space are being systematically lowered. This huge and cheap redundant transport capacity is directly used to densely deploy Starlink (Starlink) satellites.

Starlinkis currentlySpaceXThe core support for valuation. As of the end of 2025, Starlink has more satellites in orbit than 9000covering the world146over 900Ten thousand. 2025 Throughout the year, Starlink contributed approximately 160approximately50%to80%.

It is essentially a global mobile communications network that gets rid of ground base stations and can cover polar regions, plateaus, deep seas, rainforests and other places that traditional operators cannot reach. As the latest generation of satellites has enabled direct connection to ordinary mobile phones, no need to switch SIM card to access the network, it has the almost irreplaceable ability to provide services to billions of mobile users around the world at the technical level.

There is a precision-designed commercial flywheel between these two businesses:Lower launch costs attract more commercial orders, order revenue and redundant launch capabilities are directly used to intensively deploy Starlink satellites, and the growth of Starlink users generates continuous cash flow. The cash flow feeds back to more radical rocket research and development, further reducing costs.

SpaceXDoes not rely on any single customer or the government order cycle, forming a structure that can continue to be self-reinforcing.

What are SpaceX doing in the past two yearsSpaceXWhat are you doing

What makes Wall Street even more excited is2026year2Complete the review of AICompanyxAI After the all-stock acquisition and the integration of the social platform lang="EN-US">1.25Trillion dollars.

StandingIPOStanding at the doorSpaceX, has held four cards at the same time:The world's largest low-orbit satellite network, the world's largest rocket company in commercial launch share, a topAICompany, as well as a social platform with hundreds of millions of users a month.

This combination cannot find a direct analogy in the capital market. The aerospace company does not have its communication network, the communication giant cannot build its rocket, and the major AI manufacturers cannot get involved in the orbital infrastructure. Mastering the access to orbit is tantamount to blocking the entrance to the space economy.

SpaceXWhat is being built is a closed-loop ecosystem spanning aerospace, communications and artificial intelligence——And this ecosystem is still expanding.

Why it can be worth1.5Trillions

If you only look at the financial data, SpaceXDoes not meet the standard of a trillion-dollar company in the traditional sense. By2025Annual Approximately160Based on revenue calculation of US$1 billion, 1.75A valuation of one trillion corresponds to approximately110 times sales ratio, compared to Apple about9 times, Google is about 6 times. In the context of traditional finance, this number does not hold up. So what is the market pricing?

This sky-high option premium directly points to three levels of expectations. The most realistic thing is the potential of Starlink to break through the industry: with the direct connection technology of mobile phones, it is directly entering the trillion-level global mobile communications basic market from the marginal signal-free area. Its annual revenue ceiling is regarded by Musk as high as 1000 billion US dollars.

What is even more subversive is the cost revolution of the starship: once the single transport capacity reaches 150the cost of orbiting will be reduced to one kilogramWithin 100Within US dollars, the underlying logic of the entire aerospace economy will be completely rewritten. And further away, there are grand narratives such as the orbital data center and the "Moonbase Alpha"lunar city.

SpaceXWhat is really priced is the future. In a sense, when a company's structure is solid enough and the flywheel is self-consistent enough, the market will begin to pay option premiums for a future that has not yet happened. IPO of SpaceX text="">This is not an ordinary listing.

When valuation is no longer entirely determined by profit, but by structure, narrative, and future space, what investors buy is actually a belief——Faith in the space economy, the reconstruction of global communications, and the belief that mankind will move to further boundaries.

The most watched capital events

SpaceX has never made public financial statements. It is a privately held company and all previous valuations and data come from secondary market transactions and analyst estimates. This confidential submission of IPO documents is the first time it has formally submitted financial information to regulators. Once the official prospectus is made public, the market's perception of its true profitability will undergo a recalibration.

It is commonly cited"Musk's shareholding is approximately42%"It’s time to find a sword. After experiencing all-stock acquisitionxAI, consolidationX, and after the dilution of the upcoming large-scale fundraising, his precise shareholding ratio in the new entity can only wait for the official disclosure of the S-1 document. But this does not prevent him from being the largest single shareholder and the most certain beneficiary of this wealth-making feast.

There is another clue worthy of attention: SpaceXIn the past five years, the number of leaf="">NASA, the Department of Defense and other government agencies received contracts60Billion dollar contract, and Trump's eldest son, Donald Jr., indirectly holds shares through1789 Capital. This combination of politics and business is facing increasingly stringent compliance scrutiny from Wall Street.

Its significance is not just a huge financing, but also allows the public to use public financial documents to truly see how much money this company that has changed the global aerospace landscape has made, where it has been spent, and where it will go in the future.