SpaceX is reportedly preparing for a massive public offering with a valuation potentially exceeding $1.75 trillion. This anticipated move is driving significant interest in the Toronto-listed firm Stack, which provides retail investors a way to gain exposure to high-growth private companies.

Stack’s $8 million bet on the SpaceX trajectory

Stack, a firm listed on the Toronto Stock Exchange, has established a strategic foothold in the private aerospace sector through significant investments in SpaceX. According to the report, the company made an initial $8 million primary investment in late 2021, followed by a secondary move in early 2025. This approach allows Stack's shareholders to participate in the growth of companies that are typically walled off from the general public.

Jeff Parks, the co-founder and CEO of Stack, maintains that the value of these private holdiings is realized over a multi-year horizon rather than through immediate trading volatility.. By securing stakes in unicorns like Canva and Hopper , Stack aims to capture the massive upside that occurs when these private entities eventually transition to public markets.. The firm has already seen success with its $8 million positiion in the creator of ChatGPT, which has grown to an estimated $15 million.

The 1.6x valuation gap between Stack and US peers

Stack currently trades at a valuation multiple of approximately 1.6 times its net asset value, a figure that stands in stark contrast to its American competitors. The report notes that US-based entities like the Fundrise Innovation Fund and Destiny Tech100 on the New York Stock Exchange trade at much higher multiples, some reaching nearly ten times their value. this discrepancy suggests that Stack may be undervalued relative to the private assets it holds.

The demand for this type of access is part of a broader global trend toward private equity liquidity. Platforms such as Hiive, Nasdaq Private Market, EquityZen, and Forge Global are facilitating more frequent trades, with Hiive alone handling roughly $300 million in monthly transactions. This environment allows employees and early backers to liquidate stakes while providing new investors a gateway into the pre-IPO world.

A $920 million monthly windfall from the Alphabet deal

SpaceX is projected to see a massive revenue surge driven largely by its specialized AI division and a landmark agreement with Alphabet. as reported by the source , this deal with Google's parent company involves monthly payments of $920 million starting in October 2025 and continuing through 2029. This influx of steady capital is expected to accelerate the technical capabilities of the SpaceX AI unit.

Financial analysts from Goldman Sachs and Morgan Stanley suggest this momentum could propel SpaceX revenues toward $160 billion by 2028 and potentially $3.4 trillion by 2040. Such staggering growth projections underpin the interest from institutional players like the Ontario Teachers Pension Plan, which has also seen significant returns from early SpaceX investments.

Will Stack’s pivot to robotics and physical AI succeed?

The future profitability of Stack depends on the firm's ability to successfully pivot toward emerging sectors like data center expansion, robotics, and foundational AI models. While Jeff Parks has identified these as key areas for capital deployment, several questions remain regarding the timing and execution of such a transition. Specifically, it is unclear how the firm will manage the volatility of moving from established unicorns to more speculative, early-stage technologies.

Furthermore, the current reporting focuses heavily on the potential upside of these private market investments. It remains unverified how Stack will navigate the liquidity risks inherent in private equity or how it will protect shareholders if the projected $3.4 trillion SpaceX revenue target fails to materialize.. The source does not provide a counter-perspective from market skeptics regarding the sustainability of these trillion-dollar valuations.