Elon Musk's SpaceX just made history.
On the evening of June 11, 2026, SpaceX officially priced its initial public offering at $135 per share — setting the stage for the largest IPO ever recorded in US stock market history. This morning, June 12, SPCX begins trading on the Nasdaq for the first time, marking the end of SpaceX's 24-year run as a private company.
The offering values SpaceX at $1.77 trillion and raises $75 billion — more than doubling Saudi Aramco's previous world record of $29 billion set in 2019.
SpaceX Is Now a Public Company — Here's What Just Happened
The pricing came after a roadshow that launched June 4 — earlier than originally planned, driven by a faster-than-expected SEC review. SpaceX sold 555.5 million shares of Class A common stock at the fixed offer price of $135. The offering is expected to formally close on June 15.
Underwriters Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America, and Citigroup led the deal. In a notable move, SpaceX allocated up to 30% of shares to retail investors — roughly three to six times the typical retail allocation in major US IPOs.
Major brokerage platforms confirmed to participate include Charles Schwab, Fidelity, Robinhood, SoFi, and E*Trade. Fidelity specifically lowered its eligibility requirements for this offering, making shares available to customers with as little as $2,000 in their accounts — a threshold far below its standard $100,000–$500,000 requirement for typical IPOs.
The Company Behind the Ticker: What SpaceX Is in 2026
SpaceX today is a three-segment business, each with dramatically different financial profiles.
Connectivity (Starlink) Starlink is SpaceX's dominant revenue engine. The satellite internet service ended Q1 2026 with 10.3 million subscribers across 164 countries — up from 4.5 million at the start of 2025. In 2025, the Connectivity segment generated $11.4 billion in revenue with $4.4 billion in operating profit and an EBITDA margin of 63%. Analysts at Payload project Starlink revenue could reach $18.7 billion in 2026.
Space Systems (Rockets) SpaceX's original business — Falcon 9 launches for government and commercial clients — remains the foundation that makes Starlink's satellite deployment possible. NASA, the US Department of Defense, and commercial satellite operators are among its primary customers.
AI and Other (xAI) In February 2026, SpaceX completed its acquisition of Elon Musk's AI company xAI, incorporating the Grok AI platform, X (formerly Twitter), and AI data center infrastructure. This segment recorded a $6.36 billion operating loss in 2025. Capital expenditures in Q1 2026 hit $7.7 billion — triple the prior year — with the majority directed toward AI infrastructure buildout.
The S-1 filed with the SEC discloses SpaceX's consolidated net loss of $4.94 billion in 2025, compared to a $791 million profit in 2024. The shift from profit to loss reflects the scale of xAI integration costs.
The Numbers Behind the Record
SpaceX's IPO is historic on multiple dimensions:
$75 billion raised — The previous record for a US IPO was Meta's $16 billion in 2012. SpaceX raised nearly five times that amount.
$1.77 trillion valuation — On day one, SpaceX enters the market larger than Tesla, Meta, and every company in the world except Apple, Nvidia, Microsoft, Alphabet, and Amazon.
4% float — SpaceX sold approximately 4% of its total shares outstanding. This unusually small float means price discovery today will be driven by intense demand relative to limited supply.
MSCI inclusion begins tomorrow — On June 9, MSCI announced SPCX would be eligible for early inclusion in large IPO indexes, with index fund additions beginning June 13. This creates structured institutional demand starting the second day of trading.
Senator Warren Raises Governance Concerns
Not everyone welcomed the IPO without reservation.
Senator Elizabeth Warren sent a letter to the SEC asking it to delay the offering, citing governance concerns around Elon Musk's 85.1% voting control through a dual-class share structure. The S-1 discloses that Musk retains near-total authority over major company decisions regardless of public shareholder votes.
The SEC did not act on the request. The IPO proceeded on schedule.
Musk is simultaneously CEO of Tesla, head of SpaceX and xAI, and owner of X — a combination of executive roles that the S-1 itself lists under risk factors. The filing states that Musk's "attention and efforts" to other business ventures represents a material operational risk.
Anthropic Signs $1.25 Billion Monthly Compute Deal
One of the most significant business disclosures in SpaceX's S-1 involves Anthropic — the AI company behind the Claude AI assistant.
Anthropic has signed a compute procurement agreement with SpaceX valued at $1.25 billion per month. The deal covers AI infrastructure access through SpaceX's xAI data center network and represents one of the largest known AI infrastructure contracts announced in 2026.
The agreement positions SpaceX's AI segment as a major infrastructure provider to the broader AI industry — directly competing with cloud providers like Amazon Web Services, Microsoft Azure, and Google Cloud.
Wall Street's Take: Analysts See Wide Price Range
Market analysts have published a wide range of first-week and first-quarter price targets for SPCX, reflecting genuine uncertainty about how the market will absorb a stock of this scale with a 4% float.
According to TradingKey analysis, Week 1 price targets range from $140 to $175. Month 1 projections span $130 to $165. A three-month range of $120 to $200 has been cited, contingent primarily on Starlink subscriber growth trends and xAI capital expenditure data.
Historical IPO data offers mixed signals. Research from Truist Advisory Services notes that major IPOs "have tended to have a good deal of volatility over the first 12 months" and that even strong performers have seen "pretty significant drawdowns at some point" during their first year of trading.
SpaceX's first earnings report as a public company is expected in early November 2026.
The "Magnificent Seven" Factor
Analysts at Jefferies flagged a structural market dynamic tied to the SpaceX IPO. In a June 5 note to clients, the firm wrote that attention has "centered on the Mag 7 and technology, media and telecom stocks more broadly as the most likely pocket of the market to absorb selling pressure" as retail and institutional investors reallocate capital to fund SPCX positions.
VanEck, which manages space and semiconductor ETFs, told CNBC that "a market structure shift could be in the works," with potential interest shifting toward individual names like SpaceX.
The question of whether SPCX will draw capital away from existing tech holdings — or represent net new inflows into the market — is one Wall Street is actively debating this week.
SpaceX's Stated Mission and Market Claims
SpaceX's S-1 is unusually ambitious in how it defines its total addressable market. The company claims a TAM of $28.5 trillion, broken down as $370 billion in space, $1.6 trillion in connectivity, and $26.5 trillion in AI and data infrastructure.
The filing states that SpaceX is "bound only by the laws of physics" in describing its growth potential — a phrase that appeared in multiple IPO preview articles and drew both praise and skepticism from analysts.
Starlink's subscriber growth — from 4.5 million to 10.3 million in approximately 14 months — is cited as evidence of execution velocity. The AI segment, funded by Starlink's margins, is described as a long-duration capital investment rather than a near-term revenue driver.
What Happens Next
Today (June 12): SPCX begins trading on Nasdaq. No set open time has been announced — companies typically begin trading a few hours after the 9:30 AM ET market open to allow for order book formation.
June 13: MSCI index inclusion begins. Index funds tracking major benchmarks start accumulating SPCX positions.
June 15: The IPO offering officially closes.
Within 15 days: Anti-flipping restrictions apply to retail IPO allocation recipients. Selling allocated shares before the restriction period ends may result in brokerage penalties.
November 2026: SpaceX's first earnings report as a public company — the moment analysts say will provide the clearest picture of post-IPO financial performance.
A 24-Year Journey to the Public Markets
SpaceX was founded by Elon Musk in 2002 with the stated goal of making humanity multiplanetary. It remained private through 22 years of milestones — including the first privately funded liquid-propellant rocket to reach orbit, the first privately funded spacecraft to dock with the International Space Station, and the development of the reusable Falcon 9 that transformed the commercial launch industry.
The company's decision to go public comes as its AI ambitions, through the xAI acquisition, require capital at a scale that private markets alone may not sustain. The IPO raises SpaceX the equivalent of roughly four years of its 2025 operating cash flow in a single transaction.
As of this morning, the world's most-watched private company is private no longer.
This article covers factual news reporting on the SpaceX IPO. For the latest SPCX trading data, follow Ampick — ampick.xyz
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