#我的Gate交易时刻 SpaceX today listed on NASDAQ: $135/share, valuation of $1.75 trillion. Is this the biggest IPO in human history worth it?

June 12, 2026, 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, raising $75 billion — the largest IPO in human history, bar none.
This is not a "story about to happen." The pricing was finalized on June 11, with 555.6 million Class A common shares, at $135 each, no bidding range, straight fixed price. Reuters and Bloomberg both reported that investor subscriptions have already soared past $250 billion, nearly four times the target fundraising amount.
Goldman Sachs is the lead underwriter, with almost every major Wall Street firm involved in joint underwriting. Retail investors received about 30% of the shares — extremely rare for an IPO of this scale. But even with such a large portion reserved for retail, most people still couldn’t get in. The global capital markets’ attention today is entirely focused on SPCX’s opening candle line.
一 A "$1.75 trillion loss-making company"
Opening SpaceX’s S-1 document, the numbers themselves are contradictory.
In 2025, total revenue was $18.7 billion, net loss $4.9 billion. Only Starlink is profitable within the company. What does this mean? A $1.75 trillion valuation corresponds to roughly a 93x price-to-sales ratio. For comparison, Apple’s market cap is about $3.5 trillion, with a P/S ratio under 10. Nvidia, at the peak of the AI boom, had a P/S ratio just over 40.
Goldman Sachs set a target valuation of $1.77 trillion, but Morningstar’s June 1 report reached a completely different conclusion: SpaceX’s fair value is only $780 billion, a 48% discount from the IPO valuation. Morningstar analyst’s straightforward reasoning: SpaceX ties most of its growth prospects to AI, but the technologies used to generate future revenue — like space solar power data centers — haven’t been built yet.
The market clearly ignored Morningstar. The $250 billion in subscription funds says it all. This indicates that the core narrative of SpaceX’s IPO is no longer "how much money this company is currently making," but "Elon Musk’s three trump cards."
二 Three trump cards: Launch, Starlink, xAI
The valuation pie of SpaceX is divided into three slices.
The first is the rocket launch business. Falcon 9 and Falcon Heavy have achieved reusable recovery, and once Starship matures, near-Earth orbital capacity will leap to a new level. In 2025, SpaceX completed over 140 orbital launches, accounting for most of the global launch count. The moat in launch services is real — no one can replicate Falcon 9’s reusability and launch frequency in the short term.
The second is Starlink. This is currently SpaceX’s only profitable segment and the main cash flow pillar of the entire group. By the end of 2025, Starlink had over 7,000 satellites in orbit and more than 5 million global users. It took only three years for Starlink to transform from "money-burning infrastructure" into "profitable telecom service provider." It also has a unique pricing power — no traditional telecom company on Earth can cover every corner of the globe with satellites.
The third is the most imaginative and also the riskiest card: xAI and AI infrastructure. In the S-1, SpaceX positions itself as an AI infrastructure provider, with xAI listed as the core of the group’s AI business. One purpose of the IPO funds is to "expand AI computing capacity." Musk’s narrative is: future AI will need massive computing power, and space solar power data centers can unlimitedly access energy and dissipate heat. This vision points to a huge potential market.
But the risk distribution of these three cards is highly uneven. Launch and Starlink are proven businesses, while the vision of space-based AI data centers is still mostly at the PPT stage. The problem is: the $1.75 trillion valuation already prices in all three as if they are "already realized."
三 "Elon Musk’s signature" in IPO design
This IPO has several design details that reveal Musk’s personal influence.
Fixed-price issuance is one. $135 flat, no roadshow bidding — analysts from Morgan Stanley and JPMorgan think this approach is extremely rare for a large IPO. Traditionally, underwriters conduct global roadshows with management, adjusting the price based on institutional investor feedback. SpaceX skipped this process, effectively telling the market: love it or leave it, this is the price.
Another rare design is allocating 30% of shares to retail investors. Large tech IPOs usually leave over 90% to institutional investors, with retail getting a tiny slice. SpaceX went against the grain, bringing individual investors into the shareholder roster. Reuters commented that this leverages Musk’s huge appeal among retail investors, expanding demand and locking in a loyal, long-term shareholder base.
An overlooked detail: SpaceX explicitly states in the IPO documents that mainland China and Hong Kong investors are excluded, citing "regulatory risks." This aligns with recent U.S. tightening on Chinese tech investments and means Chinese investors can only gain indirect exposure via Hong Kong stocks or crypto derivatives.
四 Three unprecedented IPOs clustered — no coincidence
SpaceX is not the only company going public this year. Anthropic filed for IPO on June 1, with an estimated valuation of about $965 billion. OpenAI secretly filed an S-1 on June 8, with a valuation of $730 billion to $850 billion. SpaceX is the third giant jumping into the public market — with a valuation even larger than the combined total of the first two.
These three AI-related giants rushing to IPO within the same window is comparable only to the pre-2000 internet bubble. TechCrunch calls it "the most concentrated, high-risk issuance in tech markets since the dot-com bubble." The common features are: extremely high valuations, ongoing losses, and AI-driven narratives.
Market reactions to these three will also influence each other. If SpaceX’s first day sees a dip below IPO price, the IPOs of Anthropic and OpenAI will immediately face pricing pressure. If SpaceX soars, the valuation ceiling for the latter two will be pushed even higher. Today’s SPCX movement could set the tone for the entire 2026 AI IPO market.
A notable signal: just days before SpaceX’s IPO, AI chip stocks experienced a massive sell-off. On June 5, the Philadelphia Semiconductor Index plunged 10.3%, wiping out $1.3 trillion in market value in a single day. The market’s faith in AI is undergoing its first real stress test. The bell for SpaceX’s IPO rings at this moment — either proving that the AI narrative still has legs or becoming another casualty of this round of AI valuation correction.
No matter how the stock performs after opening, June 12 will be etched into Wall Street history. A rocket-started company, at the highest IPO price in human history, is selling a super narrative of rockets, satellite internet, and space AI data centers to the global capital markets. Whether you buy or not, this story is already wildly crazy.