#我的Gate交易时刻 SpaceX goes public on NASDAQ today: $135/share, a valuation of $1.75 trillion—does this person-sized biggest IPO in human history even make sense?

On June 12, 2026 at 9:30 AM Eastern Time, SpaceX officially begins trading on NASDAQ under the ticker SPCX. Priced at $135 per share, with a valuation of $1.75 trillion, and raising $75 billion—by far the largest IPO in human history.
This is not a “story about to happen.” The pricing was already set on June 11: 555.6 million shares of Class A common stock at $135 each. No bookbuilding or price-range bidding—just a take-it-or-leave-it fixed price. Reuters and Bloomberg both reported that investors’ subscription funds have already surged past $250 billion, nearly 4 times the target fundraising amount.
Goldman Sachs is the lead underwriter, and almost every major Wall Street bank is involved in the joint underwriting. Retail investors received about 30% of the allotment—extremely rare for an IPO of this scale. But even with such a large slice reserved for retail, the vast majority still can’t get in. Today, global capital markets’ attention is entirely focused on that single opening-candle line for SPCX.
I. A “loss-making company” valued at $1.75 trillion
Open SpaceX’s S-1 file, and the numbers themselves are contradictory.
For full-year 2025, revenue was $18.7 billion and net loss was $4.9 billion. The only profitable business in the entire company is Starlink. What does that mean? A $1.75 trillion valuation implies roughly a 93x price-to-sales ratio. For comparison, Apple’s market cap is about $3.5 trillion, with a price-to-sales ratio of under 10. During the peak of the AI frenzy, Nvidia’s price-to-sales ratio was just a bit above 40.
Goldman Sachs set a target valuation of $1.77 trillion, but a Morningstar research report dated June 1 reached an entirely different conclusion: SpaceX’s fair value is only $780 billion, a 48% discount to the IPO valuation. Morningstar analysts’ reasoning is blunt: SpaceX ties most of its growth prospects to AI, but the technologies meant to generate future revenue—such as space solar power data centers—haven’t been built yet.
The market obviously didn’t listen to Morningstar. The $250 billion in subscription funds says it all. This shows that the core narrative of SpaceX’s IPO is no longer “how much money this company is currently making,” but “the three trump cards in Musk’s hands.”
II. Three trump cards: Launch, Starlink, xAI
If you break down SpaceX’s valuation “big pie,” it’s really three pieces.
The first piece is the rocket launch business. Falcon 9 and Falcon Heavy have already achieved reusable recovery. Once Starship matures, near-Earth orbital capacity will jump by an entire order of magnitude. In 2025, SpaceX completed more than 140 orbital launches, accounting for the overwhelming majority of global launch counts. The moat in the launch business is real—no one can replicate Falcon 9’s reusability capability and launch cadence in the short term.
The second piece is Starlink. This is SpaceX’s only currently profitable segment, and also the cash-flow pillar of the whole group. By the end of 2025, Starlink had more than 7,000 satellites in orbit and over 5 million global users. Starlink took just three years to transform from “a money-burning infrastructure” into “a telecom service provider that makes money.” And it has a unique pricing power—no traditional telecom company on Earth can cover every corner of the globe using satellites.
The third piece is the most imaginative—and also the most dangerous—card: xAI and AI infrastructure. In its S-1 filing, SpaceX positions itself as an AI infrastructure provider, and xAI is listed as the core of the group’s AI business. One of the uses of IPO proceeds is to “expand AI computing capacity.” Musk’s narrative is that future AI will require massive computing power, and space solar power data centers can obtain energy and dissipate heat without limits. This vision points to a potentially massive addressable market.
But the risk distribution across these three cards is extremely uneven. Launch and Starlink are proven businesses, while the vision for AI space data centers is basically still in PPT-stage. The problem is that a $1.75 trillion valuation already prices all three cards as if they are “already realized.”
III. Musk-style design in the IPO
This IPO has several design details, and everywhere you look, you can feel Musk’s personal will.
Fixed-price issuance is one. $135 as a one-price offer, with no roadshow price-range bidding—analysts at Morgan Stanley and JPMorgan Chase both think this approach is extremely rare in large IPOs. In a traditional IPO, underwriters take management on global roadshows and adjust the price based on feedback from institutional investors. SpaceX skips that entire process—effectively telling the market: buy or don’t buy, this is the price.
Giving retail investors about 30% of the shares is another rare design. In large tech stock IPOs, typically 90%+ of the allotment goes to institutions, leaving retail investors with a tiny portion. This time, SpaceX does the opposite: pulling individual investors into the shareholder register. Reuters commented that this is leveraging Musk’s huge appeal among retail investors—expanding purchase demand while also locking in a group of loyal long-term shareholders.
There’s also an overlooked detail: SpaceX explicitly states in the IPO documents that it excludes investors from Mainland China and Hong Kong from participating. The reason is “regulatory risk.” This lines up with the recent tightening trend in the U.S. regarding tech investments in China and also means Chinese investors can only gain indirect exposure through derivatives in Hong Kong stocks or the crypto market.
IV. Three unprecedented IPOs crowding into the same window—this isn’t a coincidence
SpaceX is not the only company choosing to go public this year. Anthropic filed its IPO application on June 1, with an estimated valuation of about $965 billion. OpenAI secretly submitted its S-1 on June 8, with a valuation range of $730 billion to $850 billion. SpaceX is the third giant to jump into the public market—its valuation is even larger than the first two combined.
This rush to list by three AI-related giants within the same window period is only comparable, historically, to the eve of the 2000 internet bubble. TechCrunch calls it “an unprecedented centralized high-risk issuance in the tech market since the dot-com bubble.” The shared characteristics of these three companies are: extremely high valuations, ongoing losses, and AI-narrative-driven momentum.
Market reactions to these three will also influence each other. If SpaceX breaks down on its first day, the IPO pricing for Anthropic and OpenAI will immediately come under pressure. If SpaceX soars, the valuation ceiling for the other two will be pushed even higher. Today’s SPCX trading action may define the temperature of the entire 2026 AI IPO market.
One notable signal: just days before SpaceX’s IPO, AI chip stocks had just experienced a round of large-scale sell-off. On June 5, the Philadelphia Semiconductor Index fell 10.3%, and chip stocks’ market value evaporated by $1.3 trillion in a single day. The market’s faith in AI is undergoing its first real stress test. If SpaceX rings the bell at this point, it either proves the AI narrative still has more room to fly—or it becomes yet another offering in this round of AI valuation adjustments.
No matter where the stock price goes after today’s opening, June 12 will be written into the Wall Street history textbooks. A rocket-started company is selling a super narrative—featuring rockets, satellite internet, and space AI data centers—at the highest IPO price in human history. Whether you buy or not, this story is already beyond crazy. $SPCX