SpaceX files for IPO with $2 trillion potential valuation despite operating losses, raising concerns about AI bubble risk

SpaceX filed its S-1 for an intended June IPO listing, with potential valuation as high as $2 trillion. In 2025, the company reported revenue of $18.7 billion and an operating loss of $2.6 billion, compared to a profit of $466 million a year ago.

At a $2 trillion valuation, SpaceX would trade at a price-to-sales ratio of more than 100 — far exceeding Palantir's 64 and the median S&P 500 stock's ratio of 3. The company has created an early release mechanism within its traditional lockup period, allowing insiders to sell shares if the stock reaches certain prices.

A successful $2 trillion IPO could trigger either a frenzy in AI stocks mirroring the dot-com era spike before March 2000, or an immediate sell-off that cascades to other high-tech growth stocks as investors reassess valuations across the market.