SpaceX’s historic IPO is unfolding as the company rides a narrative built by its earliest engineer, Tom Mueller, who helped develop Falcon 9 engines and now leads Impulse Space, a venture valued at over $4 billion that aims to move in-space assets.

Mueller’s journey from SpaceX’s first employee to Impulse Space highlights the continued influence of SpaceX alumni on the next era of space infrastructure, including in-space transfer capabilities.

Impulse Space is targeting the first launch of its Helios spacecraft in 2027, signaling a tangible step toward commercial in-space logistics.

The piece notes that SpaceX’s progress—enabled by affordable access to space—has already reshaped exploration and is expected to continue shaping its trajectory after the IPO.

Looking ahead, Mueller believes going public could accelerate a broader space economy, including megastructures for lunar and asteroid resources and the growth of space-based infrastructure.

Mueller compares SpaceX’s stock path to Tesla’s arc, anticipating an initial surge, a possible downturn from schedule slips, then recovery, with less quarterly earnings pressure due to private-market dynamics.

SpaceX’s IPO plans aim to raise roughly $75 billion by offering 555.6 million shares at about $135, valuing the company near $1.75 trillion.

Mueller describes SpaceX’s valuation as incredible, noting 2025 revenue around $18.7 billion while acknowledging a multi-billion-dollar net loss driven by large capital expenditures.

Mueller argues that space exploration has broad Earth-wide benefits, from GPS to weather forecasting, and envisions future ventures like orbital data centers and resource utilization from lunar and asteroid bodies.

The IPO value is tied to the compute and data-center movement to space, leveraging Musk’s integrated stack of Starlink, xAI, Tesla robotics, and associated data assets.

Mueller points to SpaceX’s history—from Falcon 1 to Falcon 9, ISS missions, and Starlink—as evidence that betting against Elon Musk is a risky bet.

Mueller praises Musk as a capable mentor who attracted and energized talent, fueling SpaceX’s growth and ongoing ambition.