SpaceX Heads to NASDAQ: The $1.77 Trillion IPO Backed by Starlink
SpaceX will officially list on the NASDAQ on June 12, 2026, under the ticker SPCX. The company has priced its IPO at $135 per share for 555.6 million shares, raising approximately $75 billion and valuing the company at roughly $1.77 trillion.
This marks the largest IPO in global capital market history. The previous record belonged to Saudi Aramco, which raised about $29 billion when it went public in 2019. SpaceX offering is nearly three times that size.
Key IPO Terms
According to the S-1 prospectus SpaceX filed with the SEC on June 3:
- Price: $135 per share (fixed, no price range)
- Total raise: approximately $75 billion
- Valuation: approximately $1.77 trillion (would make it the seventh-largest U.S. company by market cap)
- Retail allocation: 30% of shares (typical IPOs allocate 5%-10%)
- Minimum investment: approximately $2,000 via Fidelity, Robinhood, or Charles Schwab
- Musk voting power: over 82% (dual-class share structure)
Goldman Sachs is leading the offering, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan as co-underwriters.
Three Businesses Under One Roof
SpaceX is no longer just a rocket company. In February 2026, Elon Musk merged his AI venture xAI -- including the Grok language model, the Colossus supercomputing center, and the X platform -- into SpaceX, giving the company three distinct business lines: space launch, satellite communications, and artificial intelligence.
Space Launch: SpaceX operates Falcon 9, Falcon Heavy, and is developing the Starship super-heavy launch vehicle. The company holds more than 60% of the global commercial launch market. In 2025, its per-kilogram launch cost stood at approximately $2,700, roughly one-seventh of the industry historical average.
Starlink: The satellite internet constellation is SpaceX primary profit engine. As of Q1 2026, Starlink serves over 10.3 million subscribers across 164 countries, with approximately 9,600 satellites in orbit -- about 60% of all commercial low-Earth orbit satellites globally. Starlink generated $11.4 billion in revenue in 2025 and $3.3 billion in Q1 2026, with operating margins turning positive.
xAI: The AI division remains in its investment phase. xAI lost $6.4 billion in 2025 and $2.5 billion in Q1 2026, with cumulative losses of $41.3 billion. However, Anthropic has signed a three-year contract worth approximately $45 billion to lease capacity at the Colossus data center.
Financial Picture
SpaceX posted a GAAP net loss of $4.9 billion in 2025, driven largely by xAI losses. Stripping out the AI business, Starlink contributed approximately $6.6 billion in adjusted EBITDA for the year.
Morningstar has set a target valuation of $780 billion for SpaceX, about 48% below the IPO price, reflecting significant market disagreement over whether the trillion-dollar valuation is justified.
A Launch on the Eve of Going Public
One day before the IPO, SpaceX launched a Falcon 9 from Florida at 11:05 a.m. EDT on June 11, placing 24 Starlink satellites into low-Earth orbit. The first stage booster landed successfully on a drone ship in the Atlantic Ocean. This was the booster 15th flight.
Maintaining its high launch cadence in the lead-up to the IPO serves as both routine operations and a live demonstration of SpaceX operational capabilities to the market.