Good morning. Elon Musk is reportedly teeing up a summer IPO for a newly bulked‑up SpaceX that could reset the ceiling on what “big” looks like in public markets—and CFOs will want to pay attention.
“To justify a $1.5 trillion market cap after its IPO, SpaceX would need to earn more than Berkshire Hathaway. Here’s why that’s unlikely,” is a Fortune article by my colleague Shawn Tully. At a targeted $50 billion primary raise and $1.5 trillion valuation, the deal would trail only Saudi Aramco in market cap and blow past Alibaba’s debut, yet it’s being pitched off fragmentary financials and largely unconsolidated disclosures, Tully writes. SpaceX has signaled about $15 billion in revenue and roughly $8 billion in EBITDA last year, but media reports point to a $2.4 billion loss over the first nine months of 2025, with depreciation and interest still to be layered in, suggesting little to no GAAP profit at IPO.
Tully walks readers through the uncomfortable implication: At $1.5 trillion, investors are buying not earnings, but an ultra–capital‑intensive growth story whose end market is still being invented.
For CFOs, the piece becomes a case study in how far you can stretch valuation, earnings “bogeys” and capital‑intensity assumptions before even bull‑market investors draw the line. It also poses a question: If public investors agree with Musk’s terms, will it reset valuation norms and capital‑raising ambitions across space, AI, and infrastructure—forcing CFOs at scaled unicorns and mega‑caps alike to revisit their own IPO or spin‑off math?
Tully’s piece digs into the numbers behind the $1.5 trillion target. You can read the article here.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Saqib Baig was appointed interim CFO at Peloton Interactive, Inc., effective March 27, succeeding Liz Coddington, who will step down to pursue an external opportunity, as previously announced, according to an SEC filing. Baig has served as the company’s chief accounting officer since November 2022, and since August 2025 he has also served as CFO of the company’s commercial business unit. Before joining Peloton, Baig was controller of accounting risk, valuation, and financial reporting at Meta Platforms, Inc.
Asaf Alperovitz was appointed CFO of ICL Group Ltd. (NYSE: ICL), a global specialty minerals company, effective June 15, succeeding Aviram Lahav, who will retire. Alperovitz has more than two decades of senior financial experience. He currently serves as CFO of SolarEdge Technologies and previously held CFO positions at Delta Galil Industries, Syneron Candela, and other companies, and also served as CEO of Allmed Solutions.
Big Deal
Confidence among U.S. private sector companies improved in February, according to the latest S&P Global U.S. Business Outlook report released on Wednesday.
Overall, businesses expect activity to increase from current levels. Forecasts for profits and investment have also improved compared with October 2025. However, hiring expectations are more cautious than they were late last year, and companies anticipate a significant rise in non-staff costs.
Many respondents said that attracting new customers and introducing new products are important factors supporting their outlook. At the same time, firms reported challenges from tariffs and intense market competition. They also noted that ongoing economic and political uncertainty could continue to weigh on the U.S. private sector.
The survey covers two sectors: manufacturing and services. Confidence improved more strongly among manufacturing companies. The net balance of goods producers expecting business activity to increase rose to +50%, up sharply from October and marking the highest level in four years.
In contrast, sentiment among service sector firms showed no change. The net balance remained at +29%, the same as in the previous survey period, and below the typical level seen since the pandemic.
The survey was conducted between February 10 and 24, before the U.S. and Israel’s conflict with Iran. As a result, the findings do not reflect any potential impact from that development.
Going deeper
The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, leading founders, and thought leaders Nov. 16–17 in Detroit to help define what’s next for the American economy.
The mission: a candid conversation about the role of capitalism and competition in America—from advancing technology and creating jobs to revitalizing communities and moving markets. Fortune 500 companies are rebuilding their capacity to withstand disruption and are charting a path toward a new era of industrialization powered by technological ingenuity.
Overheard
“The team who helps me manage my days, behind the scenes, is the strongest support network I could ask for. Their help and support anchor me and are my foundation.”
—Maria Ferraro, CFO and chief inclusion and diversity officer at Siemens Energy, wrote in a LinkedIn post this week.
