SpaceX IPO plans draw scrutiny on Wall Street

Elon Musk wants to take SpaceX public and present the company to investors at a valuation of about $1.75 trillion. That figure would value the company at roughly 100 times its $18.5 billion in sales last year, far above the market-value-to-revenue multiples of companies such as Apple and Nvidia. The planned offering is being described as one of the biggest expected around mid-June. SpaceX backers argue the company is more than a rocket maker and has become a main gateway to access to space. The company’s Starlink satellite internet service currently provides most of its revenue and profit. No further details on the timetable or structure of the IPO were immediately available.