Elon Musk’s “story” props up a $2 trillion valuation! Starlink and its rocket business provide the backing, with whether the test flight succeeds or fails determining the schedule.

Zhitong Finance APP learned from insiders that SpaceX and its bankers are preparing to hold an investor meeting to gauge demand for a potential IPO, which could put the company’s valuation at around $2 trillion.

The discussions took place shortly after SpaceX merged with xAI, and the company is currently exploring this deal that could become the largest IPO in history. Its valuation is expected to rise rapidly; in recent weeks, it has already climbed from about $1.75 trillion to more than $2 trillion.

Some observers say that the pitch to investors will depend less on the company’s current financial condition and more on confidence in Musk’s long-term vision. A scholar and former banker noted that the focus may still be on maintaining investors’ enthusiasm for the company’s future potential, rather than strictly proving that the data at hand is justified.

Based on that valuation, SpaceX would join the most valuable companies in the S&P 500 index, even though its revenue is far lower than that of many peers. Analysts estimate that by 2026, the company’s revenue could be close to $20 billion, mainly coming from its launch business and the Starlink satellite network.

The IPO timetable may depend to some extent on upcoming rocket test flights. Analysts said that a successful test can boost confidence, while setbacks could delay and even derail the listing plans.

The listing could raise as much as $75 billion, surpassing the record set by Saudi Aramco in 2019. The proceeds will be used to fund grand projects, including space-based data infrastructure and other long-term plans related to Musk’s broader technology ecosystem.

Even so, some analysts caution that as valuations rise, investors may question the extent to which this “story” depends on Musk’s ability to inspire confidence rather than on potential financial performance.