SpaceX is going public in what could be the biggest IPO ever, but the company is bleeding cash, which is bad news for retail buyers tempted by the hype.

• SpaceX plans to raise $75 billion on June 12 at a $2 trillion valuation, doubling its value in a year after absorbing X and xAI.
• The company lost $4.28 billion in the first quarter on $4.69 billion in revenue, and losses are growing fast compared to last year.
• Musk keeps 85% voting control through a special share class, so regular shareholders have almost no say in how the company is run.
• Starlink looks like a solid business on its own, but it appears to be propping up the rest of SpaceX, with Anthropic also paying SpaceX over a billion a month for compute through 2029.
• Trump and the SEC are reportedly loosening IPO transparency rules, which lines up with other big listings coming, including OpenAI and Anthropic.

Outlook: Expect heavy hype in the next three weeks pushing the IPO, but the mix of huge losses, locked-in control, and stretched valuations points to a market top.