SpaceX ’s long-awaited IPO is coming on June 12, but is sitting at the center of one of the most aggressive valuation debates in recent market history. At a projected $1.75 trillion valuation, the offering is being priced not just as a capital markets debut, but as a forward claim on decades of satellite broadband revenue, reusable rocket economics, and near-monopoly positioning in commercial space infrastructure. That backdrop would already be challenging in a calm market. It became more complicated after Friday’s market rout, when the stock market tumbled as investors reacted to a red-hot jobs report that increased the likelihood interest rates will begin rising sooner than expected. The S&P 500 erased an estimated $1.4 trillion in market value as high-multiple technology and AI-linked stocks led the decline, with traders quickly reassessing how much future growth is worth when discount rates are no longer expected to fall. That backdrop matters more than usual because it sets the tone for SpaceX’s looming IPO, one of the most closely watched listings in years. Tech Rout Pressure Is Rewriting Risk in Real Time Friday’s selloff was not about collapsing earnings — it was about overextended valuations after a remarkable bull market rally and the sustainability of AI’s demand curve. As interest rates may soon begin shifting upward, a market that rallied 20% in two months suddenly appears risky. Because semiconductor and AI infrastructure stocks were at the forefront of that rapid melt up, they were among the stocks hit hardest by the decline. The tech laden