SpaceX is preparing for a historic public market debut, potentially the largest ever, as the business interests of Elon Musk—including Tesla Motors, xAI, and Starlink—become increasingly interconnected.
The company, which integrates aerospace, satellite internet, and artificial intelligence, is targeting a valuation of approximately $1.8 trillion and aims to raise up to $75 billion. It is scheduled to begin trading on the Nasdaq under the ticker "SPCX" on June 12.
An Unprecedented Offering
This initial public offering would be of an unprecedented scale. If successful, it would significantly surpass the $29.4 billion fundraising record set by Saudi Aramco in 2019. The prospectus reveals that following its merger with xAI in February, SpaceX now combines three major businesses: a rocket launch division holding roughly 90% of the global commercial market, the Starlink satellite internet service with over 10 million subscribers, and the xAI unit, which carries the AI growth narrative. In recent weeks, SpaceX announced major computing power leasing agreements with Google and Anthropic, collectively worth over $70 billion, injecting robust revenue expectations into its AI story.
Market Skepticism and Valuation Concerns
Despite the ambitious plans, the market is not uniformly optimistic about this colossal valuation. Morningstar's fair value estimate stands at just $780 billion, less than half the target, with analysts stating the valuation is "severely overestimated." The Danish pension fund AkademikerPension has even placed SpaceX on its exclusion list, with its chief investment officer suggesting a reasonable valuation "should not exceed $1 trillion" and calling its governance structure "disastrous." The core controversy lies in the financials: the merged AI segment is reportedly operating at a significant loss, with a nearly $2.5 billion operating loss in the first quarter of 2026, combined with SpaceX's net loss of over $4.9 billion last year. This leads investors to question whether the $1.8 trillion figure is based on future potential or represents a bubble.
Strong Demand Amidst the Debate
Even with the skepticism, demand for the offering is reportedly intense. According to informed sources, the IPO is significantly oversubscribed, with several institutions placing multi-billion dollar orders. Retail investors are set to receive up to 30% of the new share allocation. Furthermore, the stock is expected to be added to the Nasdaq 100 index just 15 trading days after listing, which is anticipated to trigger substantial buying from passive funds. Musk himself has defended the valuation on social media, noting that "Tesla Motors' market cap at its IPO was just 0.1% of its current value."
A Defining Market Moment
The final pricing for this landmark IPO will be determined on June 11. Amidst a mix of capital fervor and fundamental doubts, SpaceX's market debut is poised to serve as a historic test of the market's appetite for grand, future-oriented narratives.
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