Opinion: SpaceX IPO shows Musk's genius is in mythmaking

How exactly the company plans to support its gargantuan valuation is not obvious

5. Juni 2026 um 17:30 Uhr / Von Richard Waters, Financial Times

SpaceX's Starship 39 rocket launches from Starbase during the 12th test flight as seen from South Padre Island, Texas, on May 22, 2026. Bild: Ronaldo Schemidt / AFP via Getty Images

Of all the extraordinary things about the SpaceX IPO, the most extraordinary might be this: it is impossible to tell what this company will be 10, five or even two years from now. And, to judge from the way its share sale has been conducted, that is just the way Elon Musk wants it.

SpaceX confirmed on Wednesday that it hopes to secure a valuation of $1.78tn, something that would make it the world's seventh most valuable company. How exactly it plans to support that gargantuan valuation is not obvious. The latest version of SpaceX dates back only to February of this year. That is when Musk merged it with xAI, an unexpected deal that, out of the blue, made AI its most important business.