SpaceX trades at ~$1.51T on Forge Global and $1.86T-implied on Hiive as of May 12-13, 2026. Project Apex — the codename for the confidentially filed IPO — targets $1.75-2T. We build the SOTP, walk the comparable multiples, and explain why a $350B Sacra mark and an $800B December tender now coexist with bank desks pitching $2T.
