SpaceX IPO Overview: Understanding the Business Blueprint Behind a $1.75 Trillion Valuation

"Valuation of $1.77 trillion, raising $75 billion, with a per-share price of $135—this is not a myth, these are the real numbers written in the prospectus."

As the largest IPO in history, SpaceX's market presence has caused global investors to hold their breath. According to the S-1/A filing submitted by SpaceX to the U.S. Securities and Exchange Commission, SpaceX plans to officially list on NASDAQ on June 12, 2026, with the stock ticker SPCX, issuing 555.6 million new shares at a fixed price of $135 per share, with no existing shares transferred, raising approximately $75 billion, surpassing the global IPO record. Based on the total shares outstanding after issuance, SpaceX's valuation is approximately $1.75 trillion.

Why is the capital market willing to assign such a sky-high valuation to SpaceX? The key lies in its diversified business landscape far beyond traditional aerospace companies:

· Satellite Internet (Starlink): Currently the core cash flow engine. Data from the prospectus shows that by Q1 2026, Starlink generated $17.5k in revenue and $17.7k in operating profit in a single quarter; for the full year 2025, revenue was $17.5k with an operating profit of $3.26B. The global user base has exceeded 10 million, with strong demand in North America and overseas markets, and it is expected to continue leading the global satellite broadband market.

· Space Launches and Starship: By the end of May 2026, the third-generation Starship V3 completed its first flight test, carrying 33 Raptor 3 engines, verifying V3 hardware performance in real flight conditions. SpaceX’s strategic goal is not just commercial launches but to achieve full rapid reusability with the Starship system, laying the technological foundation for future Mars plans, in-orbit propellant transfer, and large payload deployment. Although the U.S. Federal Aviation Administration has launched an investigation into anomalies, the leap in Starship technology continues to impress the industry.

· Space AI and Computing Power (Space AI/Compute): This is SpaceX’s largest and most promising growth segment. In early 2026, SpaceX completed its merger with xAI Holdings, officially entering the AI field. Even more exciting, just before the IPO, Google signed a nearly $30 billion compute leasing deal with SpaceX—over the next three years, Google will pay $920 million per month to lease a massive computing infrastructure including approximately 110k NVIDIA GPUs. This move not only directly counters Wall Street’s previous criticism of SpaceX’s “AI money-burning” approach but also indirectly proves the competitive value of SpaceX’s computing infrastructure.

However, amid the cheers, risks cannot be ignored. First, SpaceX posted a net loss of about $4.94 billion in 2025, mainly due to huge R&D costs for Starship and ongoing investments in AI. In Q1 2026, combined revenue was only $1.19B, with an operating loss of $11.39B, which is a huge gap compared to traditional tech giants. A high price-to-sales ratio (P/S) of 100 times far exceeds other mature tech companies; whether such a high valuation can sustain continuous growth remains to be seen by the market. Additionally, after listing, Elon Musk will still hold about 85% of voting rights, with a very low free float. If a sell-off occurs, the stock price could experience significant volatility.

For retail investors participating in SpaceX via Gate’s “Direct IPO” access, several strategic points should be noted: First, allocation amounts may vary depending on overall subscription demand; early application can increase the weighting. Second, before the official listing, Gate will offer trading scenarios in the Pre-IPO market, allowing investors to gauge market sentiment ahead of the IPO, but SPCX tokens are primarily market valuation reflections without real shareholder rights—be sure to understand the underlying rights and nature of the assets. Third, SpaceX plans to list at $135 per share, and market attention is on the expected first-day price increase; early investors should be prepared for short-term fluctuations.

In an era defined by technology-driven growth, SpaceX’s IPO not only signifies the full capitalization of commercial space but also marks a multi-layered competition in the space economy, satellite internet, and AI sectors. Focus on real data, evaluate rationally, and ensure every investment decision is no longer made blindly. #Gate直通IPO认购SpaceX