Toby Howell

It all adds up to a valuation that is projected to be somewhere in the $1.75 trillion range, which would raise about $75 billion, by far the largest IPO of all time, leaving Saudi Aramco in the dust.

It is a gaudy number, but as Tesla has shown, people are very comfortable betting on Elon's vision for the future.

Neil, as we get closer to the IPO, investors will get a peek at the company's financial performance to see what's under the hood.

But by all accounts, this is a generational debut in the making.

The amount of banks involved is just a who's who of Wall Street.

There are 21 banks lined up to help with this giant IPO.

The project has a codename.

How many IPOs get a codename?

It's codenamed Apex.

And I saw a lot of jokes online that was

If your bank that you work at wasn't included in this IPO, then you're not going to make it, unfortunately.

And as I said, this is a confidential IPO filing, so we don't actually know what the financial performance of this company is yet.

There have been some hints over the past few years.

In June, Elon Musk posted on social media that he expected SpaceX's revenue to reach $15.5 billion.

billion in 2025.

Only 1.1 billion of that is coming from NASA.

That is up from $7.4 billion in 2023.

Starlink alone, which is the internet satellite company, generated $8 billion in sales in 2024.

Now the ugly stepchild in the room is XAI, which is burning a lot of money.

XAI allegedly is burning $1 billion per month.