#我的Gate交易时刻 The Biggest IPO in History: Four Major Impacts of SpaceX Going Public!

1. Event: Humanity’s Largest IPO, SpaceX Officially Capitalized
On June 12, 2026, Eastern Time, SpaceX (SPCX) listed on NASDAQ, with an offering price of $135 per share, raising $70M, with an issuance valuation of $1.77 trillion, breaking the global IPO record (previously Saudi Aramco at $29.4 billion). On the first day of trading, it closed at $160.95, up 19.22%, with a market value of $2.1 trillion, becoming the sixth-largest company by market cap worldwide, behind Apple, Microsoft, Google, Amazon, and Nvidia. Elon Musk holds 12.3% of Class A shares + 93.6% of Class B shares, with absolute control; approximately 20% of the IPO shares are open to retail investors, with Chinese investors explicitly excluded.
Essentially, SpaceX is a global telecommunications + space economy + AI computing power company.
2. Current Revenue Structure Analysis
In 2025, the audited real revenue of SpaceX includes three major businesses, with total revenue: $18.67 billion (+33%), net loss: $4.94 billion.
Business One: Starlink (the only cash cow), is Earth’s China Mobile, providing global users with mobile signals and broadband, as well as autonomous driving navigation (FSD) and military intelligence analysis. Revenue: $11.39 billion (61%), operating profit: $4.42 billion, profit margin about 38.6%. Currently, global Starlink telecom users number 12 million, and most cars have not yet started using FSD. The telecom business has a very broad future.
Business Two: Space Launch: revenue $4.09 billion, loss $660 million (mainly due to Starship development costing $3 billion). Falcon 9 is the main launch vehicle, with 165 launches expected in 2025 (accounting for 80% of global orbital payloads). Once Starship is successfully developed, its payload capacity will be 7-10 times that of Falcon 9, costs will decrease by 99%, and launch costs will drop to $10–$100 per kilogram.
Business Three: AI / Computing Power (xAI): revenue $3.2 billion, a huge loss of $6.36 billion, currently the most money-burning segment. But there is good news: in May this year, SpaceX signed a four-year contract with Anthropic to lease 325,000 H100/H200 GPUs. This amounts to a monthly rent of $1.25 billion and an annual rent of $15 billion. In other words, this business will soon become highly profitable.
3. Impact on the Future and Capital Markets
Impact 1: SpaceX’s irrefutable super story will make capital market investments more concentrated in Starship, Starlink, and space computing power—three businesses representing human highest intelligence, with very broad prospects, to the extent that plans for lunar computing bases and colonizing Mars are all unverifiable. Simply put, you cannot prove Elon Musk is a fraud because every step he takes is successful. Moreover, SpaceX’s success strongly supports the growth logic of computing demand, computing rent, AI infrastructure, and commercial spaceflight. It is expected that US stock market liquidity will further concentrate, evolving from the “Seven Fairies” to a two-person world (Huang Renxun + Musk), one king (Nvidia), two followers (SpaceX + Tesla), and a “five sons” era (Micron, SanDisk, Seagate, Dell, Western Digital). This wave of global stock market hype may last until 2027 or even 2028.
Impact 2: The US-China technological gap accelerates, stimulating the US stock market’s influence in China. Unknowingly, the US has built a comprehensive leading 🇨🇳, fully blocked 🇨🇳, and implemented a comprehensive downgrade strategy, creating a monopoly technology gap. Do not be complacent with the illusion that Trump favors 🇨🇳; we should remain vigilant. 🇨🇳 has reached a dangerous moment because once the SkyNet and AI technologies are fully monopolized by the US, many of our current advantages will be overturned. There is little time left for 🇨🇳. For the country, the most important thing is to catch up with technological innovation quickly; falling behind is unthinkable. As a key tool for national economic regulation, the capital market will fully support the strategy of building a strong technological nation. In the wave of AI infrastructure construction, A-shares will also become more US-stock-like.
Impact 3: Token economy becomes the engine of global economic development. The token economy has now formed a complete closed loop. Enterprises / users buy tokens → model companies (Anthropic / OpenAI) profit from arbitrage, model companies lease computing power from Oracle / SpaceX, buy cards from Nvidia → Nvidia makes huge profits → Nvidia further purchases storage from SK Hynix / Micron, and equipment from ASML.
1. What is a token? One token ≈ 0.75 English words ≈ 1.35 Chinese characters. When we ask Doubao questions, or when large models perform reasoning training, AI generates images, comics, software, games, and future autonomous driving, all require token consumption. That’s why Doubao has started charging for advanced tasks; tokens cannot be free. In 2025, humans will consume 6–7 quadrillion tokens, and it is expected to grow at least tenfold from 2026, quadruple again in 2027, and double again in 2028.
2. How do tokens come about? Model companies (Anthropic / OpenAI) need to buy computing chips + electricity, or lease computing power from companies like Oracle / SpaceX.
3. Everyone is buying Nvidia AI chips. Currently, each chip can be paid off in 2.6 months of rental, so companies like SpaceX are hoarding chips like crazy. Nvidia’s production is booming!
4. To survive, Nvidia must find TSMC for manufacturing, buy high-bandwidth memory (HBM) from SK Hynix / Micron (each chip needs 6-8 memory modules), and buy equipment from ASML (lithography machines). This causes all companies in the supply chain to see their performance and stock prices soar. All Chinese companies on this chain have been excluded, meaning we need to rebuild such a chain. Any breakthrough in technology at any point can lead to explosive growth.
Impact 4: Token economy replaces real estate economy
A single Nvidia chip rented for 2.6 months can recover its cost. On one hand, this shows a severe chip shortage; on the other, it indicates that computing power chips have become a more reliable collateral than real estate in the capital market. SpaceX’s IPO again demonstrates that such collateral can be valued, depreciated, and rights-verified.
Future: Land’s importance declines, computing power’s importance rises; collateral shifts from houses to computing power; economic pillars shift from real estate to the token economy of computing power. SpaceX’s IPO marks the beginning of computing assets replacing real estate assets and digital civilization replacing industrial civilization. $SPCX