SpaceX priced its long-anticipated IPO at $135 per share on June 11, 2026, setting a $1.75 trillion valuation and targeting a $75 billion capital raise — the largest public market debut in recorded history. The company will begin trading on the Nasdaq under ticker SPCX on June 12, instantly becoming one of the most valuable publicly listed companies on earth.
The offering dwarfs the previous record holder: Saudi Aramco's $35.4 billion flotation in 2019.
Key Highlights
- IPO price: $135/share, $1.75 trillion valuation, $75 billion raised
- Trading begins: Nasdaq (SPCX), June 12, 2026
- Surpasses Saudi Aramco 2019 ($35.4B) as the largest IPO ever
- Three segments: Starlink (profitable), Space (launch services), AI (xAI/Grok/X — loss-making)
- Elon Musk retains 85.1% of voting power through dual-class shares
- Anthropic agreed to pay $15 billion per year for xAI compute capacity
The Three-Segment Story
SpaceX's S-1 organizes the company into three distinct business units, and only one is making money.
Starlink (Connectivity) is the undisputed engine of the business. In Q1 2026, Starlink generated $3.26 billion in revenue — 69% of the company total — with $1.19 billion in operating profit and a 63% EBITDA margin. The service has 10.3 million subscribers worldwide, including growing coverage across MENA, Africa, and Southeast Asia.
Space (Launch Services) covers Falcon 9 launches, Dragon missions, and Starship development. SpaceX flies approximately 130 Falcon 9 missions per year at $67–97 million per launch, controlling more than 60% of the global commercial launch market.
AI (xAI) is the most volatile segment. SpaceX acquired xAI — Elon Musk's AI company behind the Grok chatbot and X (formerly Twitter) — in an all-stock transaction in February 2026 at a $250 billion valuation. The segment generated only $818 million in Q1 2026 revenue against $2.5 billion in operating losses. AI capex consumed 76% of the company's total capital expenditure in Q1.
The Anthropic Connection
One of the more surprising details buried in the prospectus: Anthropic has committed to paying xAI approximately $1.25 billion per month — roughly $15 billion annually — for AI compute capacity. This arrangement makes Claude's creator one of SpaceX's largest AI segment customers, tying the two most prominent AI lab valuations together in a supply-demand loop.
Governance and Risk
Despite the historic fundraise, public shareholders will have limited influence. Musk's dual-class share structure gives him 85.1% of voting power, meaning institutional investors are effectively buying exposure to his decisions rather than governance participation.
MSCI confirmed automatic inclusion in Global Standard Indexes, guaranteeing structural index fund demand at listing. S&P 500 fast-track inclusion was rejected, meaning that milestone will take longer.
Full-year 2025 revenue reached $18.67 billion (up 33% from $14.01B in 2024), but the company reported a $4.9 billion net loss, driven almost entirely by the AI segment's burn rate. Adjusted EBITDA stood at $6.58 billion.
The MENA Dimension
The record broken today is particularly symbolic for the MENA region: Saudi Aramco's 2019 IPO had held the largest-ever record for seven years. The Gulf's sovereign wealth funds — Saudi Arabia's PIF, Abu Dhabi's ADIA, and Mubadala — are widely expected to be among the institutional allocatees given their existing relationships with Musk-owned entities and their aggressive AI/tech mandates.
Starlink service is already live or licensed in Saudi Arabia, the UAE, Bahrain, and Morocco, with Tunisia and Egypt in active licensing discussions. MENA operators watching today's pricing are essentially watching their own infrastructure supplier go public.
What Happens Next
SpaceX's listing creates a new benchmark for AI-era IPOs. Anthropic filed its own S-1 confidentially on June 1 at a $965 billion valuation — with today's successful SpaceX pricing, the window for tech megacap debuts in 2026 is now clearly open.
Whether the AI segment can justify its burn rate — and whether xAI's Grok can compete with ChatGPT and Claude at scale — will become quarterly public scrutiny that Musk has never faced before for his AI bets.
Source: CNBC — SpaceX IPO | The Tech Marketer | CoinDesk