The highly anticipated SpaceX IPO will be the largest in history. And the target valuation of $1.75 trillion is out of this world.

With stratospheric multiples, unworldly corporate ambition but arguably zero-gravity governance, SpaceX is unlike any company public markets have seen.

Starlink is the jewel in the crown, pumping out cash and profits, but xAI and X (which was folded into SpaceX in February 2026) are burning through cash like rocket fuel.

OK that’s quite enough space metaphors.

The prospectus was not dull. It included plans to colonize Mars, stunning Martian photographs, a Total Addressable Market of $28.5 trillion, the "largest actionable TAM in human history." It revealed eye-watering cash burn rates.

But despite some very real red flags (not least the listing profitability rules being changed to accommodate SpaceX), it’s clear that the valuation will be enormous.

Online, legions of Elon Musk supporters claim he will defy the odds with the IPO.

For most family offices however, the money has already been made.

In July 2025, we shared an opportunity in our MrFO Investor Community to acquire SpaceX shares at a $389 billion valuation. At the time, the valuation attracted attention because of its sheer size. In hindsight, it may prove to be a stunning bargain.

If the target valuation of $1.75 trillion is hit, an investment one year ago could realize a 4.5x return. Even using the bearish valuation from Morningstar of $780 billion, it’s still a 100% return for investors, in less than a year.

For family offices, the IPO could become one of the largest wealth transfer events they have ever experienced. And the hard work has already been done.

For years, many of the world's wealthiest families have been accumulating exposure to SpaceX. Some bought directly into primary rounds. Others acquired shares through secondary transactions. Others gained access through specialist funds and syndicates. But SpaceX has clearly been a trophy asset and Mr. Musk rarely disappoints his early backers.

Employees will also be big winners. It has been estimated that the IPO will mint 5-10 new billionaires, 150-300 new centimillionaires and 3,000-5,000 new millionaires. There are reports of SpaceX employees “unionizing” to negotiate better terms with wealth management firms.

Unlike most venture-backed companies, SpaceX has remained private while reaching a scale that rivals some of the world's largest public corporations. If the valuation target is hit, SpaceX would surpass Meta and Elon Musk’s other company Tesla.

The result is that family offices, investors and employees have found themselves holding positions that have become extraordinarily valuable.

One of the defining characteristics of family office investing over the past decade has been the shift toward illiquid assets. Private equity, venture capital, infrastructure, private credit and direct investments have all increased as families searched for higher returns, greater control and access to opportunities unavailable in public markets.

SpaceX fits the bill. It was private, difficult to access. It has a charismatic founder. And it operates in a sector with enormous long-term potential.

It has generated returns that public market investors could only watch from the sidelines.

For many family offices, SpaceX has become what Berkshire Hathaway was for an earlier generation of investors: a concentrated holding that captures a major technological shift. The difference is that Berkshire was public. SpaceX isn't.

The rise of SpaceX also reflects another trend: the institutionalization of secondary markets. A decade ago, acquiring meaningful exposure to late-stage private companies was difficult.

Today, family offices can access private market secondaries through specialist brokers, funds and syndicates. SpaceX helped create an entirely new asset class.

The most valuable companies in the world are increasingly staying private for longer. By the time many businesses reach public markets, a substantial portion of the value creation has already occurred.

The SpaceX story will also reignite one of the biggest debates in family office investing. If the world's most valuable companies remain private for decades, what exactly are investors buying when they finally purchase shares after an IPO?

For many family offices, SpaceX is evidence that access has become just as important as stock-picking.

An IPO would suddenly provide something many investors have never had: daily liquidity. For some family offices, that may mean selling a portion of their holdings and crystallizing gains. Others may use the event to rebalance portfolios that have become unexpectedly concentrated.

Some may simply hold on.

After all, many investors who sold Amazon, Tesla or Nvidia too early learned an expensive lesson about exiting transformational businesses. Many seasoned investors have lost big shorting Tesla.

If hundreds of billions of dollars of previously illiquid wealth become liquid, where does that capital go?

Historically, major liquidity events have often funded the next generation of investment activity. Founders back new founders. Investors launch new family offices. Early employees become angel investors.

Capital recycles.

If SpaceX eventually creates thousands of new UHNWIs, family offices may find themselves competing for a fresh wave of private capital looking for opportunities.

The impact could extend well beyond aerospace: Real estate, private equity, sports teams, art, philanthropy. The next generation of AI companies.

Every major liquidity event creates second-order effects. Often, those effects become larger than the event itself.

There is also a psychological aspect. Every major liquidity event creates a new generation of family offices willing to write larger checks into private markets. Nobody wants to explain to future generations why they passed on SpaceX, on NVIDIA, on Anthropic.

Many family offices spent years debating whether private markets had become too crowded, too expensive and too illiquid. SpaceX demonstrates why they continued allocating capital anyway.

When SpaceX rings the opening bell, the headlines will focus on Elon Musk. Whatever happens next could have huge ramifications for the market and upcoming mega-IPOs.

But whether the stock soars or collapses, the assets will become liquid. There will be thousands of family offices, entrepreneurs and long-term investors facing an incredible payday.

For family offices and early investors, the IPO is the end of one chapter, and the beginning of the next.