Elon Musk seeks to take SpaceX public at nearly $1.75 trillion valuation, drawing Wall Street skepticism over the company's revenue multiples.

Musk is seeking to take SpaceX public in mid-June with a valuation of nearly $1.75 trillion. SpaceX made $18.5 billion in sales last year, meaning investors would be asked to value the company at nearly 100 times that annual revenue.

SpaceX backers argue the company controls access to orbit and is positioned as the gatekeeper to a decades-long space infrastructure boom. Starlink, the company's satellite internet service, is already generating most of SpaceX's revenue and profit.

Skeptics point to concerns about overvaluation, particularly after SpaceX absorbed xAI (Musk's artificial intelligence company and owner of social network X) in February. Some analysts question whether the company's valuation reflects realistic financial fundamentals.