#分享美股交易赢英伟达股票 "The Largest IPO in History"

The global capital markets are about to welcome a historic capital feast🔥🔥🔥

Elon Musk's space exploration technology company (SpaceX) has confirmed it will officially list on NASDAQ and NASDAQ Texas Exchange on June 12, 2026, with the stock ticker "SPCX". This IPO plans to raise up to $75 billion, with a market capitalization close to $1.77 trillion, easily surpassing Saudi Aramco's 2019 record, becoming the largest IPO in history worldwide.

SpaceX plans to issue approximately 555.6 million shares at a fixed price of $135 per share.

Unlike traditional large U.S. stock IPOs that first announce a price range and then conduct roadshows for price inquiry, SpaceX directly locked in a fixed issuance price after multiple pre-roadshow rounds, which is extremely rare in the U.S. stock market.

Major Wall Street investment banks such as Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase nearly all participated as co-lead underwriters.

According to the prospectus, SpaceX achieved revenue of $18.67 billion in 2025 (up 33.2% year-over-year), but net loss reached $4.94 billion; in the first quarter of 2026, the quarterly net loss soared to $4.29 billion.

The huge losses mainly stem from massive capital expenditures. On one hand, its AI business (xAI) consumed a large amount of funds to build supercomputing centers (quarterly loss of about $2.5 billion); on the other hand, the development of the Starship heavy rocket consumed over $3 billion in 2025.

Despite overall losses, its "Starlink" business is currently the only profitable segment. As of March 2026, Starlink had approximately 10.3 million global subscribers, contributing $11.39 billion in revenue in 2025 (61% of total revenue), with operational profit surging by 120%.

Regarding SpaceX's estimated valuation of up to $1.77 trillion, there are serious disagreements among market institutions:

Wedbush Securities and others believe this IPO is a "milestone event of historic significance" for the market, and their enthusiasm will broadly influence the tech sector. Some investors think the market is pre-paying for long-term dreams like AI businesses and space data centers, which is a narrative premium for potential over the next 20 years.

Morningstar bluntly states that the target valuation is too high, predicting its true valuation based on discounted cash flow models to be only $780 billion, less than half of the target valuation, and questions the competitiveness of its AI business and the long cycle of space projects.

After listing, Musk will hold over 82% of voting rights through Class A and B shares, firmly controlling corporate decision-making, raising concerns about the protection of minority shareholders' rights.

On June 11, SpaceX plans to hold a large investor event, inviting 1,500 retail investors, aiming to promote market democratization and boost initial demand.