SpaceX, Elon Musk's rocket and satellite company, is set to make history on June 12 when it begins trading on the Nasdaq under the ticker SPCX. With an IPO price of $135 per share and plans to raise $75 billion, the offering will be the largest in stock market history—shattering the previous record of $25.6 billion set by Saudi Aramco in 2019. At $1.75 trillion, SpaceX's valuation would instantly make it one of the most valuable companies in the world, trailing only household names like Apple, Nvidia, and Microsoft.
For investors, the SpaceX IPO represents a rare opportunity to buy into a company that dominates orbital launch, runs the world's largest satellite internet constellation, and has grand ambitions extending to Mars and artificial intelligence. But with a valuation that has some analysts crying foul and financials that show deep losses, the question on every investor's mind is whether SPCX is a buy at $135.
How the Largest IPO in History Came Together
SpaceX filed its confidential S-1 registration statement with the SEC on April 1, 2026, and released the public version on May 20. The company is offering approximately 555.6 million shares at $135 apiece, with pricing expected on June 11 and first trading the following day. Goldman Sachs is serving as the lead left underwriter on the prospectus, with Morgan Stanley and a syndicate of major investment banks also involved.
The road to this moment has been years in the making. SpaceX was valued at approximately $1.25 trillion earlier this year following its merger with xAI, Musk's artificial intelligence venture. The IPO valuation of $1.75 trillion represents a significant premium to that private market price. The company plans to list on the Nasdaq, and its path to inclusion in the Nasdaq 100 Index could come just 15 trading days after the IPO—an unprecedented timeline that could fuel additional demand from index funds.
Timeline: SpaceX's Journey From Private Rocket Startup to Public Giant
2002: Elon Musk founds Space Exploration Technologies Corp. (SpaceX) with the goal of reducing space transportation costs to enable Mars colonization.
2008: After three failures, Falcon 1 becomes the first privately developed liquid-fueled rocket to reach orbit.
2012: SpaceX's Dragon capsule becomes the first commercial spacecraft to dock with the International Space Station.
2015: Falcon 9 achieves the first successful landing of an orbital rocket booster, revolutionizing reusability.
2019: Starlink begins launching satellites for global broadband internet coverage.
2023: Starship, the world's most powerful rocket, makes its first integrated test flight.
2025: SpaceX launches 83% of all mass sent to orbit from Earth; acquires xAI in a ~$250 billion deal.
April 1, 2026: SpaceX files confidential S-1 with SEC for IPO.
May 20, 2026: Public S-1 filing reveals financials for the first time; targets Nasdaq listing.
June 3, 2026: Reuters reports IPO priced at $135/share targeting $75B raise.
June 11, 2026: Expected pricing date.
June 12, 2026: First day of trading on Nasdaq under ticker SPCX.
Breaking Down SpaceX's $1.75 Trillion Valuation: Is It Justified?
SpaceX is not a single business—it's three distinct operations bundled into one company, each with very different risk and reward profiles. The launch services segment, which includes Falcon 9 and the Starship program, is the company's legacy business and a reliable cash generator thanks to massive government contracts with NASA and the Department of Defense. In 2025, SpaceX launched 83% of all mass sent to orbit from Earth, giving it a near-monopoly on heavy orbital launch.
Starlink is the financial engine. The satellite internet division generated $3.2 billion in revenue in Q1 2026 alone, with $1.2 billion in operating profit, and is projected to account for more than 70% of total company revenue this year. With over 7,000 satellites in low Earth orbit and millions of subscribers, Starlink is already profitable and growing rapidly, serving customers from rural households to airlines and cruise ships.
The wildcard is xAI. SpaceX acquired the artificial intelligence company in February 2026 in a deal that valued it at roughly $250 billion. But xAI lost $6.4 billion in 2025, including $189 million in legal expenses, and remains a drag on SpaceX's earnings. The company lost $4.3 billion in Q1 2026 overall, driven largely by xAI's ongoing cash burn. Morningstar analysts value SpaceX at $780 billion—roughly 48% below the IPO price—citing the AI business as a material risk.
Despite these concerns, the bulls argue that SpaceX's competitive advantages are structural and durable. The company has achieved prodigious cost advantages through rocket reusability and manufacturing scale—advantages that competitors like Blue Origin, ULA, and Rocket Lab have yet to match. Morningstar assigned SpaceX a narrow economic moat rating, citing the launch and satellite communications businesses specifically, but noted the AI business remains indeterminate and could potentially destroy value.
Where Things Stand Now: The Final Countdown to SPCX
As of this week, SpaceX's IPO is fully subscribed and expected to price on June 11. The company has secured commitments from institutional investors, and the offering is widely expected to be oversubgiven the unprecedented demand. The dual-class share structure means Elon Musk will retain more than 85% of voting power despite owning roughly 42% of the equity, ensuring he maintains control over the company's strategic direction—including plans to reach Mars.
The IPO has drawn intense scrutiny because of Musk's controversial profile. His close association with Tesla proved toxic for that company's stock during periods of his political activism, including his role as White House DOGE cost-cutting tsar and a series of high-profile scandals. However, SpaceX benefits from massive government contracts and strict regulatory oversight that may insulate it from some of the same brand risks that have plagued Tesla.
For retail investors, buying SPCX at $135 on June 12 will be possible through standard brokerage accounts. However, the limited float—only about 3% of the company's shares are being offered—could lead to extreme volatility in the early days of trading. Historically, high-profile IPOs with small floats have tended to pop significantly on day one before settling into a more rational price discovery process.
What Happens Next: The Road Ahead for SpaceX Stock
Shortly after the IPO, SpaceX is expected to qualify for inclusion in the Nasdaq 100 Index, potentially within 15 trading days. This would trigger automatic buying by index funds and ETFs, providing a floor of demand. Beyond that, the company's financial trajectory hinges on Starlink's continued growth and whether xAI can deliver on its promise. The FAA has indicated SpaceX must demonstrate "a lot more reliability" before it can achieve its goal of launching 10,000 satellites per year, a target the company's president shared with regulators.
Analysts are sharply divided. Morningstar's fair value estimate of $780 billion suggests the stock could fall significantly from its IPO price. But with SpaceX dominating orbital launch, Starlink generating billions in cash, and the long-term potential of Starship and Mars colonization, the bull case is equally compelling. For patient investors willing to ride out volatility, SPCX at $135 could be a generational buying opportunity—or a lesson in the dangers of paying for hype.
Key Takeaways for Investors
- The largest IPO in history — SpaceX is raising ~$75 billion at a $1.75 trillion valuation, surpassing Saudi Aramco's record.
- Three businesses, one stock — Launch services (dominant), Starlink (profitable cash cow), xAI (high-risk AI bet).
- Insider control — Musk retains >85% voting power via dual-class shares, ensuring long-term strategic control.
- Valuation debate — Morningstar values SpaceX at $780B (48% below IPO), but bulls cite structural competitive advantages.
- Volatility expected — With only ~3% float, SPCX could experience significant price swings in early trading.
- June 12 debut — Pricing on June 11, first trade on Nasdaq under ticker SPCX.
