Ahead of IPO, what is the market really watching in SpaceX?

Reuters reports that SpaceX has confidentially filed for an IPO at a target valuation of about US$1.75 trillion, potentially making it the biggest IPO in history.

The key public takeaway is less about a full shareholder list, and more about control: Musk and a small group of insiders hold super-voting shares, and SpaceX plans to remain a controlled company after listing.

Institutional interest is also emerging, with Norway’s sovereign wealth fund assessing whether to invest.

The market debate is straightforward: rare asset and huge ambition on one side; very high valuation, losses and governance questions on the other. Reuters says SpaceX made about US$18.6 billion in revenue in 2025 but lost about US$5 billion.

TSLA Cybercab Mass Production Launches: Can It Justify Premium?

Tesla fell 3.56% on Thursday, continuing its post earnings drop. Cybercab trial production officially commenced, while analyst Gary Black warned that tightening autonomous driving regulations could compress valuations — the 'Self-Driving Roll Back' narrative is eroding the growth premium. Shares broke below the key $380 level, shifting near-term support to $370. Can Cybercab convert to scaled delivery within the production window, and when will the FSD regulatory environment stabilize — two critical variables for rebuilding the current valuation floor?

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