SpaceX IPO Could Shatter Records, Reshape Global Capital Flows

SpaceX is on the verge of executing one of the most significant public offerings in financial history, with the potential to garner US$75 billion on the Nasdaq, eclipsing Saudi Aramco's US$29 billion IPO from 2019. Demand has outstripped available shares, as institutional investors have submitted orders exceeding US$10 billion. Notably, up to 30% of the offering is allocated for retail investors, marking the largest such effort to date, further fueled by Bybit's tokenized access. The IPO could value SpaceX at approximately US$1.75 trillion—around 50 times its book value and 94 times its projected revenue for 2025—though estimates vary widely. Morningstar suggests a valuation of US$780 billion, citing the company's uncertain competitive advantage. Only Alibaba and Meta have surpassed US$100 billion valuations following their initial trading days on U.S. exchanges. Morningstar also indicated that the SpaceX IPO might yield more exit value than all IPOs over the past decade. This surge in tech IPOs is expected to shift capital flows and reshape valuations in the sector, compelling global investors to reconsider their future return strategies. For China, the emergence of such firms heightens the competition for global capital, putting pressure on foreign investment regulations. Beijing must evaluate whether its capital markets and regulatory framework can nurture companies of comparable size.