SpaceX has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, aiming for a valuation of $1.75 trillion and raising up to $75 billion. The company plans to list on Nasdaq by June 2026, potentially marking the largest IPO in history. ARK Invest, a major investor in SpaceX, has released a detailed investment guide addressing the valuation logic and business breakdowns. The IPO, internally known as "Project Apex," is expected to surpass Saudi Aramco's 2019 record by nearly threefold. SpaceX's valuation reflects its ambitious growth trajectory, particularly in its Starlink satellite internet service, which has over 10 million users and projected 2026 revenue exceeding $20 billion. The company's merger with xAI and advancements in launch services further bolster its strategic position. ARK Invest emphasizes that SpaceX's valuation is based on future growth potential rather than current financials, with Starlink and launch services as key drivers. The public S-1 filing will provide transparency, allowing investors to scrutinize these assumptions. ARK's investment strategy focuses on early-stage value creation, offering exposure to SpaceX's growth before its public debut.