SpaceX is set for a record-breaking IPO with a $1.7–$2.0 trillion valuation and a $75 billion targeted raise. SPCX's S-1 reveals 2025 revenue of $18.67 billion, but persistent GAAP net losses and heavy cash burn from xAI integration raise valuation concerns. Historical mega-cap tech IPOs often suffered severe post-listing drawdowns, suggesting Day 1 is rarely optimal for retail entry.