#分享美股交易赢英伟达股票 SPCX = SpaceX, planning to go public on NASDAQ on June 12, 2026, with ticker SPCX, priced at $135 per share, raising approximately $75 billion, with an estimated valuation of about $1.75 trillion; but note: it is still "pre-IPO/roadshow," not yet listed, and many exaggerated claims online need to be discerned.

One, basic information (latest S-1/A filing, June 3, 2026)

- Company: SpaceX (Space Exploration Technologies Corporation)

- Exchange: NASDAQ

- Stock ticker: SPCX

- Pricing: $135 per share (fixed price, no range)

- Shares issued: 555.6 million shares (all new shares, no transfer of old shares)

- Fundraising: $75 billion (the largest IPO in history globally, far surpassing Saudi Aramco's $29.4 billion)

- Valuation: approximately $1.75 trillion

- Timeline:

- June 4: Launch global roadshow

- June 11: Official pricing filing

- June 12: Expected listing and trading

Two, business and valuation logic

Three major segments ("Space + AI" narrative):

1. Starlink: 2025 revenue of $11.38 billion, over 10 million users, the core cash cow.

2. Rockets/Starship: Reusable rockets reduce costs, Starship aims for Mars and ultra-large payloads.

3. Space AI/Computing Power: Planning "Orbital Data Centers," partnering with Google Cloud, with long-term plans for "space computing + chip manufacturing (TeraFab)."

Financial highlights:

- 2025 revenue: about $12–13 billion (mainly Starlink)

- 2025 net loss: about $4.94 billion (large investments in Starship and computing power)

- Price-to-Sales ratio (P/S): about 100x (far higher than traditional aerospace, supported by high growth expectations)

Three, equity and voting rights (key risk points)

- Musk: approximately 85% voting rights, serving as CEO + Chairman

- Post-issuance: circulating shares only about 4.2%, with highly concentrated holdings

- Lock-up period: old shareholders restricted from selling for 180 days

- Retail investors: about 30% reserved for individual investors, but without substantial voting rights

Four, controversies and risks

1. Valuation bubble controversy: $1.75 trillion ≈ 2 Alibaba, 0.5 Apple; can a P/S of 100x be absorbed?

2. Losses and cash burn: Starship and space computing still require huge investments, difficult to turn profitable in the short term

3. Dependence on Musk: highly personalized, significant risks in succession and governance

4. Very limited free float: easily manipulated, initial listing may see extreme volatility $SPCX