SpaceX is heading into one of the biggest initial public offerings in history with a $1.77-trillion valuation, but some investors and analysts are questioning whether Elon Musk’s latest venture can live up to its ambitious promises.

Critics point to the company’s $4.3-billion first-quarter loss, modest $4.7 billion in revenue and aggressive projections that include trillion-dollar market opportunities tied to space-based artificial intelligence data centers and lunar factories. Short seller Jim Chanos, investor Michael Burry and SpaceX shareholder Ross Gerber have all warned that the valuation appears disconnected from the company’s current financial performance, with Morningstar estimating its fair value at around $780 billion.

Supporters argue that investors are betting on Musk’s ability to disrupt industries as he did with Tesla, while skeptics say the IPO will ultimately test whether confidence in the billionaire entrepreneur can outweigh concerns over shifting business strategies, heavy spending and lofty long-term forecasts.