SpaceX is preparing for an IPO at a rumored $2 trillion valuation, which would make it the largest IPO in history despite losing roughly $5 billion annually on less than $20 billion in revenue. The Atlantic argues this valuation relies entirely on investor faith in Musk's vision rather than current profitability — SpaceX would trade at 100+ times annual sales, far exceeding comparable mega-cap companies. The article frames this as unprecedented even among mega-IPOs, though it omits that SpaceX's core rocket and Starlink businesses are reported to be profitable near-monopolies that subsidize losses in xAI's massive chip spending.