SpaceX is targeting a valuation of around $1.75 trillion in its forthcoming IPO. The company's own confidential S-1 filing states that its initiatives to develop orbital AI compute and in-orbit, lunar, and interplanetary industrialization involve significant technical complexity and unproven technologies, and may not achieve commercial viability. Reuters examined these filings and reported the core factual tension: the mega-valuation depends heavily on ventures Musk has publicly described as certain, but SpaceX's own risk disclosure to investors admits the tech isn't proven yet. As of October 13, 2025, Starship has launched 11 times, with 6 successful flights and 5 failures — which contextualizes why the unproven-technology warning matters.