To justify a $1.5 trillion market cap after its IPO, SpaceX would need to earn more than Berkshire Hathaway. Here’s why that’s so unlikely

Reports are swirling that Elon Musk is planning an IPO for SpaceX this summer. Now that Musk’s merged the rocket enterprise with xAI, another pillar of his empire, he expects the combination to raise $50 billion in capital, and garner a market cap of $1.5 trillion. At those numbers, SpaceX would notch the biggest single IPO capital raise of all time, and also rank as second highest in total valuation to Saudi Aramco, and far ahead of second place Alibaba’s introduction in 2018 at $167 million.