SpaceX targets record $2 trillion valuation in historic IPO

Prime Minister Mark Carney unveiled Canada's artificial intelligence strategy in Toronto on Thursday, committing more than $2.3 billion in new spending, while simultaneously the U.S. announced plans to impose new tariffs of at least 10 percent on Canadian goods over forced labour allegations. Meanwhile, SpaceX is preparing for its June 12 initial public offering on Nasdaq, targeting a valuation of up to $2 trillion in what would be the largest single listing in history, though the company faces significant skepticism from analysts who peg its fair value at roughly half that figure. SpaceX is seeking to raise $75 billion through the IPO, but must use a portion of those proceeds to repay a $20 billion bridge loan within six months, a requirement that has raised concerns among investors. The company's structure combines profitable satellite internet service Starlink with heavily loss-making AI venture xAI, which lost nearly $6.4 billion in 2025 alone. The IPO also comes as S&P Dow Jones Indices rejected proposals to relax its profitability requirements, effectively blocking SpaceX from the S&P 500 until at least 2028 when the company is expected to first generate positive net income. Independent experts have also raised serious doubts about SpaceX's proposed Orbital Data Centre initiative, which would place computing facilities on one million satellites, citing fundamental physics challenges including heat dissipation in the vacuum of space. The company has further committed to building a semiconductor fabrication facility in Texas at a cost of up to $119 billion to support its AI ambitions. Ontario Teachers' Pension Plan, which first invested in SpaceX in 2019, could receive a windfall of up to US$11 billion from the IPO, potentially making it the pension plan's most successful single investment.