Elon Musk is about to take SpaceX public in what could be the largest IPO in history — and the timing is no coincidence. With a target valuation of up to $2 trillion and a roadshow kicking off in early June, Wall Street is betting big on a company whose most audacious ambition isn’t satellites or stock prices. It’s building a city on the Moon.

For the first time since the Apollo era, the Moon isn’t just a destination. It’s becoming an address.

NASA and SpaceX are deep into plans that could see a permanent human presence on the lunar surface within the next decade. Fresh off the success of the Artemis II lunar flyby, NASA is targeting its first crewed Moon landing since 1972, with SpaceX’s Starship as a leading contender for the lunar lander. An uncrewed SpaceX touchdown on the Moon is penciled in for as early as March 2027.

The roadmap doesn’t stop there. NASA’s phased plan calls for crews arriving twice a year by late 2028, a fully operational base with power, communications, and surface mobility by 2032, and a permanent, inhabited outpost by 2036. Think of it as building the International Space Station — but on another world.

Meanwhile, SpaceX has made a striking strategic pivot. Musk announced earlier this year that the company is now prioritizing a Moon city over its long-held Mars ambitions, arguing a self-sustaining lunar settlement could be achieved in under ten years. The Moon’s shorter travel times and more frequent launch windows make it a far more practical stepping stone than the Red Planet — at least for now.

The site of choice? The lunar south pole — a region of craters, permanently shadowed ice deposits, and terrain no human has ever walked. If all goes to plan, that changes before the decade is out.

The race is on. And this time, we’re not just planting a flag — we’re filing the paperwork.