#SpaceX认购规模超2500亿美元

SpaceX Subscription Scale Exceeds $250 Billion: A Capital Tsunami Sweeping Wall Street

1. Market Facts: A Fourfold Oversubscribed IPO

On June 9, 2026, sources told Reuters and other foreign media that SpaceX attracted over $250 billion in investor demand during its IPO process, approximately 3.5 to 4 times the company's original fundraising target of $75 billion. This is the largest initial public offering in history worldwide.

SpaceX submitted an S-1 registration statement to the SEC on May 20, launched a public roadshow on June 4, issuing 556 million Class A common shares at a fixed price of $135 per share, corresponding to a valuation of about $1.77 trillion, surpassing Meta and approaching Amazon. Elon Musk, through a dual-class share structure, controls approximately 82.4% of voting rights, with a book value holding exceeding $866.5 billion.

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2. Three Core Drivers: Three Major Business Narratives Ignite Capital Frenzy

This wave of subscription frenzy is driven by three major business engines.

First, Starlink — a stable cash flow "cash cow." SpaceX’s Starlink satellite internet business has achieved global deployment, with over ten million users, and an EBITDA margin of up to 63%, making it SpaceX’s most solid foundation.

Second, Rocket Launches — reshaping the technological barriers of commercial spaceflight. SpaceX has long dominated the commercial space launch sector, with the majority of payloads launched over the past three years entering orbit. Its self-developed reusable launch rockets significantly reduce launch costs, forming a technological moat that is difficult to replicate in the short term.

Third, AI — the most promising long-term outlook. In February this year, SpaceX completed a full acquisition of AI company xAI, deeply integrating space and AI. Goldman Sachs predicts that xAI’s revenue will soar from about $3.2 billion in 2025 to $322 billion by 2030, with a "five-year hundredfold growth" logic underpinning its $1.8 trillion valuation. Musk also envisions a grand blueprint of deploying about one million AI satellites, attempting to leverage space computing power to break through ground grid and land resource bottlenecks.

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3. Market Shockwave: A Tale of Two Extremes

This capital surge is stirring global financial markets on all fronts.

From a capital perspective, the demand from retail investors reaching up to $100 billion and large institutional inflows create a strong capital siphoning effect. Recently, the US stock market has faced pressure and correction, with the Nasdaq index dropping as much as 3.7% intraday. Many analysts believe that investor sell-offs of other stocks to fund SpaceX are a significant factor.

But the situation is a tale of two extremes: internal Wall Street has shown a clear split. Michael Burry, the prototype of "The Big Short," publicly questioned, saying "nothing in the prospectus supports a valuation of $1 trillion or even $2 trillion." Barron’s analysts pointed out that SpaceX’s price-to-sales ratio based on expected 2026 revenue is as high as 40 times, and its EBITDA multiple reaches 175 times, suggesting a fair value closer to $1 trillion.

Even more concerning is that after merging with the continuously loss-making xAI, SpaceX’s financial data has rapidly "changed face." Operating profit turned from profit to a loss of $17.7k in 2025, and a loss of $18k in Q1 2026, with debt rising to $29 billion.

Nasdaq, MSCI, and FTSE Russell have already opened a "fast track" for SpaceX, with inclusion into major indices within 5 to 15 trading days after listing. This means passive funds totaling up to $35 billion — including several US pension funds — will have to buy in, regardless of whether they agree with the valuation.

Behind this largest IPO in history, investor divisions are also unprecedentedly intense. Whether SpaceX marks the beginning of a trillion-dollar space economy era or is just another glamorous trap in a capital frenzy following the internet bubble, the answer may only be revealed when the Mars blueprint truly lands.