SpaceX IPO Valuation?

SpaceX valuation estimates are $1.5 to 2 Trillion at offering price. Expected capital raise only $30 to 75 billion? $30B of $1.5T is 2%; $75B of $2T is 3.75% of offering converted to operating capital. This seems very low compared to other IPOs. For example: Alibaba $168 billion at the offering price Raised $25 billion in capital. 14.9% of offering converted to operating capital. Softbank 2018 IPO $63B valuation, $23.5B converted to operating capital. 37.3% of offering converted to operating capital. Is this a trillion dollars over priced based upon net capital raised to the corporation?