A prospective initial public offering (IPO) by SpaceX at a reported valuation of up to US$1.75 trillion (A$2.44 trillion) is forcing investors to confront whether a multi-platform infrastructure company can sustain pricing at a whopping 95 times revenue, according to new analysis from ARK Invest. In a report released on 21 April, the investment management firm led by founder Cathie Wood outlined a valuation framework for what could become the largest IPO in capital markets history. Wood argues that SpaceX should be assessed not as a conventional aerospace business but as a foundational layer for a future space-based economy. The analysis comes after SpaceX submitted a confidential draft registration statement to the U.S. Securities and Exchange Commission on 1 April, targeting a Nasdaq listing as early as June and a capital raise of up to $75 billion. The scale of the proposed listing, alongside plans for subsequent debuts by OpenAI and Anthropic, signals a shift in public markets toward late-stage, high-valuation technology companies that have remained private for longer periods while building significant enterprise value.Valuation hinges on future market dominanceARK Invest claims there are no direct public market co