SpaceX IPO via PSPAC Eyes $1.77 Trillion Valuation with $250 B Demand

PSPAC•2026-06-10

SpaceX's planned IPO via PSPAC targets a $1.77 trillion valuation with investor demand exceeding $250 billion for a $75 billion raise. Recent financials show operating losses pushing EPS to -$2.94 from $0.01, prompting short seller Jim Chanos to warn the offering rests on “hopes and dreams.”

1. Record IPO Demand

Investor interest in the PSPAC-run offering has surged past $250 billion, more than triple the $75 billion SpaceX aims to raise on day one, setting up one of the largest debut pipelines this year.

2. Sky-High Valuation

The proposed listing envisions a $1.77 trillion valuation, valuing the company at nearly 100 times projected sales, a multiple unseen in recent large-cap deals.

3. Weakened Financials

SpaceX posted operating losses that drove EPS down to negative $2.94 in 2025, a stark reversal from positive $0.01 at the end of 2024, raising questions about near-term profitability.

4. Short Seller Skepticism

Veteran short seller Jim Chanos cautioned that the IPO rests on “hopes and dreams” and warned that current valuations may not align with underlying fundamentals.