Elizabeth Warren Calls on SEC to Delay SpaceX IPO Hours Before Launch, Citing Valuation Concerns

According to her 12-page open letter to SEC Chair Paul Atkins, U.S. Democratic Senator Elizabeth Warren urged the agency to halt SpaceX's IPO, which is set to launch within 24 hours. Warren did not challenge SpaceX's rocket technology or Starlink's capabilities, but rather questioned the IPO's structure and valuation framework.

SpaceX's IPO is priced at $135 per share with an estimated valuation of $1.75–$2 trillion, making it one of the largest IPOs in U.S. history and targeting $75 billion in proceeds. However, with 2025 revenues of approximately $18.7 billion, SpaceX's price-to-sales ratio stands near 100x, significantly higher than AI giants like OpenAI (34x) and Anthropic (21x). Warren also flagged risks posed by new index inclusion rules that could trigger $150–$300 billion in passive fund purchases, potentially forcing retirement savings holders to indirectly acquire shares without active evaluation of investment merits.