SpaceX Prices at $135 Per Share: The Largest IPO in History Debuts on Nasdaq Tomorrow
Elon Musk's SpaceX priced its initial public offering at $135 per share on June 11, 2026, setting the stage for what will be the largest stock market debut in history when SPCX begins trading on Nasdaq tomorrow. At that price, the company carries a valuation of roughly $1.77 trillion — and the $75 billion fundraise will more than double Saudi Aramco's 2019 record for the biggest IPO raise ever. No company in the modern era has attempted anything close to this scale.
The numbers behind the listing
SpaceX filed its S-1 with the Securities and Exchange Commission on May 20, giving public investors their first real look at the company's financials. The picture has two very different halves. Connectivity revenue — mostly Starlink satellite internet — reached $3.26 billion in the first quarter of 2026, representing about 69% of SpaceX's $4.69 billion total quarterly revenue. Starlink is profitable, and subscriber growth continues to accelerate.
The AI unit is another story. xAI, the Grok chatbot, the Colossus supercomputing cluster, and the social network X were all merged under SpaceX in February 2026. That combined AI segment burned $7.72 billion in Q1 alone and posted a $2.47 billion operating loss over the same three months. Musk will hold more than 82% voting control after the IPO. Goldman Sachs is lead underwriter, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan completing the syndicate.
Retail investors get an unusually large slice
Roughly 30% of IPO shares have been allocated to retail investors through platforms including Fidelity, Robinhood, and Charles Schwab — at least three times the 5-10% typical for a US offering of this size. A dedicated roadshow session for roughly 1,500 retail participants ran on June 10, the day before pricing was confirmed. The initial float represents just 3% of total shares outstanding, which means opening-day price discovery will happen under tight supply conditions against very broad demand.
Why analysts disagree on valuation
Morningstar's fair-value estimate sits near $780 billion, less than half the IPO target. The firm argues that only Starlink is currently generating cash, and that the AI unit's path to profitability is too uncertain to justify the premium. Short seller Jim Chanos took a similar position publicly on June 10, calling the implied revenue multiples unsustainable given the company's operating losses.
The bull case leans on a $28.5 trillion total addressable market that SpaceX describes in its filing, most of it AI compute. The company has also signed a deal to supply Anthropic with computing power at $1.25 billion a month, revenue that will flow through future quarters once the agreement activates. FutureSearch, which has tracked SpaceX since 2024, puts the most likely post-IPO market cap near $860 billion in a base case, with a bull case extending well above $2 trillion depending on index-inclusion flows and how quickly AI revenue materializes.
What comes after the opening bell
If SPCX qualifies for the Nasdaq-100 within 15 trading days of listing, funds tracking major indices — including QQQ — become mechanical buyers. That adds structural demand regardless of how the first session prices. For the broader AI IPO pipeline, tomorrow's open is the first real market test. OpenAI filed its own confidential S-1 on June 8, targeting a listing as early as September at a reported valuation above $1 trillion. Anthropic filed on June 1. Bloomberg estimates the three companies together represent roughly $3.6 trillion in combined potential market cap — larger than the total US IPO volume in all of 2021.
SpaceX's first-day close will tell us whether public markets are willing to pay private-round prices for pre-profitability AI infrastructure. That answer will reverberate through every remaining IPO in this cycle.