Space Exploration Technologies Corp, known as SpaceX, is preparing for an unprecedented initial public offering. According to its latest filing with the Securities and Exchange Commission, the company plans to list on the Nasdaq exchange on June 12 under the ticker symbol SPCX. The offering price is set at $135 per share, with approximately 555.6 million shares to be issued, resulting in a base fundraising target of $75 billion and a total valuation of around $1.77 trillion.
This scale would shatter the previous record of $29 billion set by Saudi Aramco in 2019, establishing it as the largest IPO in the history of global capital markets. If underwriters exercise their over-allotment option, the total funds raised could reach as high as $86.25 billion. Post-listing, SpaceX's market capitalization would surpass that of Tesla, securing the seventh position among U.S. publicly traded companies, with Elon Musk retaining over 82% of the voting power.
SpaceX currently operates three main business segments: its space launch services centered on the Falcon 9 rocket, the Starlink satellite internet service, and the artificial intelligence subsidiary xAI, which was formally integrated in February of this year. Starlink is currently the strongest profit driver, generating approximately $4.4 billion in operating profit for 2025. However, the combined xAI unit has become a significant source of cash burn, with the division reporting an operating loss of about $6.399 billion in 2025 and capital expenditures alone reaching $7.7 billion in just the first quarter of this year.
Financial data shows that SpaceX generated roughly $18.7 billion in revenue for the full year 2025, a 33% increase year-over-year, but reported a net loss of approximately $4.9 billion. For the first quarter of this year, revenue was about $4.7 billion with a net loss of around $4.3 billion, bringing the cumulative net loss to $41.3 billion. Concurrently, ahead of its IPO, SpaceX signed a major cloud computing agreement with Google, which will pay $920 million per month to lease approximately 110,000 of SpaceX's Nvidia GPU chips for its Gemini AI model.
The market has reacted enthusiastically to this massive IPO. Reports indicate that to raise funds for subscription, global institutional and retail investors have been heavily selling other stocks in recent days, which is considered one of the factors behind the sharp decline in U.S. tech stocks last Friday. Analysts believe that the SpaceX listing will serve as a crucial test for the current valuation logic surrounding AI, and its subsequent performance could have a profound impact on the entire technology sector.
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