#我的Gate交易时刻 The biggest IPO in history, four major impacts of SpaceX going public!
1. Event: The largest IPO in human history, SpaceX officially becomes a publicly traded company
On June 12, 2026, Eastern Time, SpaceX (SPCX) listed on NASDAQ, with an offering price of $135 per share, raising $70M, with a valuation of $1.77 trillion at the issuance stage, breaking the global IPO record (previously Saudi Aramco at $294 billion). On the first day of trading, it closed at $160.95, up 19.22%, with a market cap of $2.1 trillion, becoming the sixth-largest company by market value worldwide, behind Apple, Microsoft, Google, Amazon, and Nvidia. Elon Musk held 12.3% of Class A shares + 93.6% of Class B shares, with absolute control; about 20% of the IPO was 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 has three main businesses, with total revenue: $18.67 billion (+33%), net loss: $4.94 billion.
Business 1: Starlink (the only cash cow), is like China Mobile on Earth, providing mobile signals and broadband globally, 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, the global Starlink telecom users number 12 million, and most cars have not yet started using FSD. The telecom business has a very broad outlook.
Business 2: Space launch: revenue $4.09 billion, loss $660 million (mainly due to Starship development costing $3 billion). Falcon 9 is the main launch vehicle now, 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, with a 99% cost reduction, and launch costs dropping to $10–$100 per kilogram.
Business 3: AI / computing power (xAI): revenue $3.2 billion, huge loss of $6.36 billion, currently the biggest money burner. But there is good news: in May this year, SpaceX signed a 4-year contract with Anthropic to lease 325,000 H100/H200 GPUs. This amounts to a monthly rent of $1.25 billion, or $15 billion annually. In other words, this business will soon become highly profitable.
3. Impact on the future and capital markets
Impact 1: SpaceX’s unverifiable super story will make capital market investments more concentrated on Starship, Starlink, and space computing power—three businesses that represent human highest intelligence, with very broad prospects, to the extent that plans for lunar computing bases and Mars colonization 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 is expected to last until 2027 or even 2028.
Impact 2: The US-China technological gap accelerates, stimulating the US stock market and unknowingly building a monopoly technology gap with comprehensive leading 🇨🇳, full blockade 🇨🇳, and comprehensive downgrading. Do not be complacent about the false impression that Trump favors 🇨🇳. We should remain vigilant—🇨🇳 is at a very dangerous moment. Because once Tianwang and AI technologies are fully monopolized by the US, many of our current advantages will be overturned. Time is running out for 🇨🇳. For the country, the most important thing is to catch up with the wave of technological innovation as soon as possible; 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. Undoubtedly, in the wave of large-scale AI infrastructure construction, A-shares will become more US-stock-like.
Impact 3: Token economy becomes the engine of global economic development—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 do reasoning training, AI generates images, scripts, 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 10 times in 2026, four times 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 bottlenecks at any point can lead to explosive growth.
Impact 4: Token economy replaces real estate economy
One Nvidia chip rental of 2.6 months can recover costs, indicating a severe chip shortage and showing that computing power chips have become a more reliable collateral than real estate in capital markets. SpaceX’s IPO again demonstrates that such collateral can be valued, depreciated, and rights-verified.
Future: Land value declines, computing power value rises; collateral shifts from houses to computing power; economic pillar shifts from real estate to computing Token economy. SpaceX’s IPO marks the beginning of computing assets replacing real estate assets and digital civilization replacing industrial civilization.
1. Event: The largest IPO in human history, SpaceX officially becomes a publicly traded company
On June 12, 2026, Eastern Time, SpaceX (SPCX) listed on NASDAQ, with an offering price of $135 per share, raising $70M, with a valuation of $1.77 trillion at the issuance stage, breaking the global IPO record (previously Saudi Aramco at $294 billion). On the first day of trading, it closed at $160.95, up 19.22%, with a market cap of $2.1 trillion, becoming the sixth-largest company by market value worldwide, behind Apple, Microsoft, Google, Amazon, and Nvidia. Elon Musk held 12.3% of Class A shares + 93.6% of Class B shares, with absolute control; about 20% of the IPO was 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 has three main businesses, with total revenue: $18.67 billion (+33%), net loss: $4.94 billion.
Business 1: Starlink (the only cash cow), is like China Mobile on Earth, providing mobile signals and broadband globally, 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, the global Starlink telecom users number 12 million, and most cars have not yet started using FSD. The telecom business has a very broad outlook.
Business 2: Space launch: revenue $4.09 billion, loss $660 million (mainly due to Starship development costing $3 billion). Falcon 9 is the main launch vehicle now, 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, with a 99% cost reduction, and launch costs dropping to $10–$100 per kilogram.
Business 3: AI / computing power (xAI): revenue $3.2 billion, huge loss of $6.36 billion, currently the biggest money burner. But there is good news: in May this year, SpaceX signed a 4-year contract with Anthropic to lease 325,000 H100/H200 GPUs. This amounts to a monthly rent of $1.25 billion, or $15 billion annually. In other words, this business will soon become highly profitable.
3. Impact on the future and capital markets
Impact 1: SpaceX’s unverifiable super story will make capital market investments more concentrated on Starship, Starlink, and space computing power—three businesses that represent human highest intelligence, with very broad prospects, to the extent that plans for lunar computing bases and Mars colonization 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 is expected to last until 2027 or even 2028.
Impact 2: The US-China technological gap accelerates, stimulating the US stock market and unknowingly building a monopoly technology gap with comprehensive leading 🇨🇳, full blockade 🇨🇳, and comprehensive downgrading. Do not be complacent about the false impression that Trump favors 🇨🇳. We should remain vigilant—🇨🇳 is at a very dangerous moment. Because once Tianwang and AI technologies are fully monopolized by the US, many of our current advantages will be overturned. Time is running out for 🇨🇳. For the country, the most important thing is to catch up with the wave of technological innovation as soon as possible; 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. Undoubtedly, in the wave of large-scale AI infrastructure construction, A-shares will become more US-stock-like.
Impact 3: Token economy becomes the engine of global economic development—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 do reasoning training, AI generates images, scripts, 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 10 times in 2026, four times 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 bottlenecks at any point can lead to explosive growth.
Impact 4: Token economy replaces real estate economy
One Nvidia chip rental of 2.6 months can recover costs, indicating a severe chip shortage and showing that computing power chips have become a more reliable collateral than real estate in capital markets. SpaceX’s IPO again demonstrates that such collateral can be valued, depreciated, and rights-verified.
Future: Land value declines, computing power value rises; collateral shifts from houses to computing power; economic pillar shifts from real estate to computing Token economy. SpaceX’s IPO marks the beginning of computing assets replacing real estate assets and digital civilization replacing industrial civilization.
