SpaceX has officially launched its path to the stock market — the company filed a confidential registration with the SEC and is targeting a June IPO that could be the largest in history. There’s talk of aiming to raise up to $75 billion and a valuation around $1.75 trillion, roughly on par with Tesla, with much of the value driven by Starlink and expectations for further growth in both the space and data businesses. Interestingly, Musk reportedly wants to be more favorable to retail investors: over 20% of the issuance is said to be allocated to retail, about double that of typical IPOs. At the same time, SpaceX is considering a dual-class share structure that would give Musk and insiders significantly stronger voting rights. For an investor, this is a typical Musk offering: a unique story with enormous potential, a high valuation, and the knowledge that public shareholders will have minimal influence over key decisions.