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  • 💸 SpaceX is going public. But you’re buying the future, not the business.

💸 SpaceX is going public. But you’re buying the future, not the business.

PLUS: Ethereum got hit hardest, and it’s not only macro

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Cryptopolitan News
March 31, 2026 • Estimated Reading Time: 7 minutes

The SpaceX IPO is real. But read the fine print.

Biggest listing in history. Retail-friendly. And Musk recently acknowledged that his AI company “wasn’t built right.”

The big number

This week, SpaceX is filing the prospectus for its initial public offering seeking $75 billion at a valuation of $1.75 trillion: the largest ever, almost three times Saudi Aramco’s record.

Why it earns the hype

Starlink is the engine. In 2025 the revenue it generated around $10B, profit was above $8B. The launch business changed the economic model of an industry by introducing reusability. 

The next stage: a June 2nd spectrum auction to provide AT&T, Verizon and T-Mobile with direct-to-phone internet via satellite, is already financed by a $17B bet on EchoStar spectrum.

This is not getting priced as a rocket company. It’s being priced as the next layer of internet infrastructure.

The timing is fuzzy

SpaceX is aiming for mid-June, right in time for Musk's 55th birthday but Polymarket gives the odds of an IPO completed by June 30 only a 65 percent chance, and rising to 85 percent by September.

The math behind the valuation is aggressive as well. In 2025, SpaceX pulled in somewhere around $16 billion in revenue. A 1.75 trillion dollar company pays over 100x revenue, which only makes sense if you think the orbital data center vision actually gets realized.

The retail angle

In a reversal for one of Wall Street’s best-known bankers, Musk is setting aside up to 30 percent of the offering for individual investors, three times the usual allocation. That's genuinely unusual. Whether that’s a gesture of goodwill or a move to curry favor with retail Tesla holders who’ve had such a bumpy ride, is something to make a note of.

The thing worth watching

SpaceX just acqui-hired xAI: Musk’s AI company, and is now home to SpaceX, xAI, and X, all under one roof ahead of an IPO. The merger pegged the combined entity at $1.25 trillion, a figure SpaceX has long since reset upward to $1.75 trillion for IPO purposes.

Musk himself posted to Benzinga xAI saying it "was not built right first time around" and is getting rebuilt from scratch. That’s no footnote now that it’s in the company you’re buying.

The takeaway

The business is real. The ambition is real. The valuation relies on believing in a future that doesn’t yet exist and that the man who created it can hold all of those projects together at one time.

Most people won’t fill this.

The ones who do? They end up shaping what everyone else reads.

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📊 Market Watch

1️⃣ XRP is stealthily collecting money whilst the others are bleeding

Last week roughly $414M left crypto funds overall.

But XRP didn’t join in, bringing in $15.8M and making it one of the few bright spots.

One part of that narrative is much bigger than XRP itself. So if the U.S. is now going to allow 401(k) retirement plans to invest in crypto, which has the potential to unleash all kinds of new money.

So if short-term sentiment looks shaky, long-term money could just be getting going.

2️⃣ Ethereum got hit hardest, and it’s not only macro

Ethereum led the sell-off by a wide margin with ~$222M in outflows.

Sure there was geopolitics (Iran tensions + rate hike fears) but also there is a crypto-specific angle, uncertainty around Clarity Act is beginning to show up in flows.

Even Bitcoin wasn’t spared ($194M outflows) but it looked like ETH was under the most pressure.

Looks like a confluence of macro fear + regulatory uncertainty hitting at once.

3️⃣ Coinbase XRP drama is back… and people aren’t letting it go

Old accusations about Coinbase charging for listings are resurfacing, this time centered around XRP. The claim? Ripple was asked to pay millions before XRP got listed, and only after that did things move forward.

Coinbase has denied this before and even published its listing process, but the debate is back, and getting loud again.

Bigger picture:

trust in exchanges is still a sensitive topic, especially as regulation tightens and more institutions step in.

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