The upcoming trillion-dollar-plus SpaceX IPO could be a signal that the "top of the tech" market has finally been reached, according to a leading analyst.

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Record-Breaking IPO

Elon Musk's rocket and satellite developer is set for a record-breaking IPO in the U.S., which could see it sell $75 billion worth of shares for a total valuation of $1.5 trillion.

Analyst Russ Mould - investment director at AJ Bell - said the IPO comes at a good time for the U.S. tech and AI sector given a rather lackluster start to 2026. The Magnificent Seven have all lagged the S&P 500 index this year so Mould said that "bulls of AI and US stocks more generally will be hoping for a starry showing from the SpaceX deal, if and when it comes."

He added: "It will be an interesting test of market sentiment."

Tech High Point

Indeed, he wondered whether the float could be the long-feared or long-awaited high point of the tech/AI bubble.

"With rival AI developers Anthropic and OpenAI thought to be considering a stock market flotation as well, also with valuations in excess of $1 trillion, early-stage backers and potential new shareholders will be hoping for a fast start to life as a public company. Sceptics will wonder whether the SpaceX float, with plenty more to maybe follow, will prove to be a classic sign of a market top," he said.

He added that to date there have been no blockbuster IPOs during the AI boom. "This is why these deals could be a key test of sentiment for the tech sector and US equities more generally, especially given their supposed price tags and their first-mover status as innovators."

What Other IPOs are on the Way?

Let's look at what other IPOs could be on the way with our TipRanks IPO calendar.

Could the $1.5T SpaceX IPO Mark the "Top of the Tech Market?" One Analyst Says Yes