SpaceX's first employee on the $1.8 trillion IPO

Tom Mueller, the first employee at SpaceX, watched the company he helped build approach its public market debut. The rocket maker is valued at an estimated $1.8 trillion, more than two decades after Mueller joined Elon Musk's early vision for private spaceflight.

In an interview with the BBC's Michelle Fleury, Mueller reflected on the company's trajectory. He said the valuation was hard to imagine in the early years when SpaceX faced repeated launch failures and near-bankruptcy.

Mueller designed the Merlin engine that powers the Falcon 9 rocket. That engine is the workhorse of SpaceX's launch fleet. He left the company in 2020 but remains a shareholder and observer. His comments on Musk's leadership and the company's culture offer a rare insider view.

SpaceX's path to public markets has been a subject of speculation for years. The company has raised billions in private funding rounds. Investors include Fidelity and Google, along with other venture capital firms. The IPO is expected to provide a liquidity event for early employees and investors.

The company's Starlink business is a key driver of the valuation. Starlink provides satellite internet to over 4 million subscribers globally. Revenue has grown rapidly, and the service is expanding into enterprise and government contracts. The IPO prospectus is expected to detail Starlink's financials for the first time.

Mueller's reaction to the debut is a reminder of how far the company has come. When SpaceX launched its first rocket in 2006, it failed to reach orbit. The company nearly ran out of money after three consecutive failures. The fourth Falcon 1 launch succeeded in 2008. That success secured a NASA contract that kept the company alive.

SpaceX's success has spurred competition from Blue Origin and Rocket Lab. Traditional aerospace companies like Boeing and Lockheed Martin are also investing in reusable rockets. The IPO will test whether public investors value SpaceX as highly as private investors have.

The IPO is expected later this year. The exact timing depends on market conditions and regulatory approvals. SpaceX has not commented on the listing process beyond confirming it is exploring a public offering.