SpaceX is preparing for a record-breaking IPO at a $1.75 trillion valuation, equating to 93x trailing sales despite steep losses. SPCX posted a 2025 net loss of $4.94B and Q1 2026 net loss of $4.28B, with ongoing high cash burn and significant short- and long-term obligations. Passive index funds will be compelled to buy SPCX post-IPO, potentially driving demand independent of fundamentals due to rapid Nasdaq 100 inclusion.