SpaceX has officially arrived on the Nasdaq, trading under the ticker SPCX at $135 per share and targeting a valuation of $1.75 trillion — which would make it the largest initial public offering in stock market history, surpassing even the most ambitious tech debuts of the past decade. The listing comes after the February 2026 merger with xAI, Elon Musk's artificial intelligence company, which itself had acquired X.com (formerly Twitter) in March 2024.

TL;DR: SpaceX went public on Nasdaq (SPCX) at $135/share targeting a $1.75T valuation, raising $75 billion. The deal was shaped by the February 2026 xAI merger. Morningstar calls it overvalued at roughly half the IPO target — $780B.

The Biggest IPO in History

At $135 per share, the offering raised $75 billion in fresh proceeds — capital that SpaceX says will fund Starship scaling, next-generation Starlink satellites, and the development of space-based AI data centres. The $1.75 trillion target valuation dwarfs previous records: for context, Saudi Aramco's 2019 debut valued the company at $1.7 trillion, itself a figure that seemed almost abstract at the time.

The xAI Merger: What It Added

The February 2026 merger with xAI brought Musk's AI infrastructure — including the Colossus supercluster, the Grok model family, and xAI's growing enterprise customer base — under the SpaceX corporate umbrella. The combined entity was valued at $1.25 trillion at the time of the merger. By the IPO in June, bankers had marked that up further, citing Starlink's profitability and the strategic value of xAI's compute assets.

The merger also means that SpaceX is now in a peculiar position: it is simultaneously the world's leading private launch provider, the operator of the largest satellite internet constellation, a major AI lab, and a social media company (via the X.com inheritance).

Starlink Carries the Numbers

SpaceX reported total 2025 revenue of $18.67 billion, but the profitable segment is almost entirely Starlink. The satellite internet business has reached scale, generates consistent cash flow, and is growing subscriber counts in markets that traditional ISPs have underserved. The Starship programme, xAI compute services, and Direct-to-Cell are all framed as long-term bets — not current profit centres.

SpaceX carried an accumulated deficit of $41.3 billion as of March 31, 2026, and reported a net loss of $4.27 billion in Q1 — figures that reflect the enormous ongoing capex of building and launching satellite constellations and developing Starship.

The Valuation Debate

Morningstar's analysis puts SpaceX's fair value closer to $780 billion — roughly 55% below the $1.75 trillion IPO target. Their argument is straightforward: the company's current profitability is almost entirely Starlink, and the rest of the business — Starship, xAI, Direct-to-Cell — is valued on optionality and Musk's track record rather than earnings. At $1.75 trillion, investors are paying a significant premium for a set of bets that may or may not pay off over the next decade.

Supporters counter that Starlink alone could be a multi-trillion dollar business at full penetration, and that the xAI and Starship assets represent upside that Morningstar's discounted cash flow model structurally undervalues.

Key Takeaways

  • SpaceX IPO launched on Nasdaq (SPCX) at $135/share, targeting $1.75T valuation
  • Raised $75 billion — the largest IPO in history
  • February 2026 merger with xAI (which owns X.com) preceded the listing
  • 2025 revenue: $18.67B; Starlink is the only profitable segment
  • Net loss of $4.27B in Q1 2026; accumulated deficit of $41.3B
  • Morningstar fair value estimate: ~$780B — roughly half the IPO price

Conclusion

SpaceX's IPO is an event that will be written about for years, regardless of how the stock performs. The combination of the world's most ambitious space company, a frontier AI lab, a satellite internet provider, and a social media platform into a single publicly traded entity is genuinely unprecedented. Whether the $1.75 trillion price tag reflects the future value of all those pieces — or the premium investors are willing to pay for Elon Musk's ambitions — is a question the market will spend the next several years answering.