The $2 Trillion Value Stack

The June 2026 IPO is positioned to be the largest in history, surpassing Saudi Aramco’s record. The $1.75 trillion to $2 trillion valuation target is fundamentally supported by the 105% subscription growth and the 39% operating margins within the Connectivity segment.Alphabet’s $100 billion stake serves as a validation of the "orbital economy" thesis. However, investors must weigh the execution risk associated with Starship. The $2 trillion valuation assumes Starship’s successful operationalization for orbital compute and lunar logistics; any significant failure here would likely trigger a meaningful valuation haircut. Nevertheless, the trajectory of the Connectivity business suggests that SpaceX is no longer just a launch provider, but the foundational utility for the $26 trillion AI compute frontier. The IPO marks the formalization of orbit as a core, profitable component of the global financial system.