SpaceX set a fixed price of $135 per share on 10 June ahead of officially pricing its initial public offering on 11 June — a deal that would raise approximately $75 billion and value the company at $1.77 trillion. If completed at that size, the offering will surpass Saudi Aramco's $29.4 billion record to become the largest IPO in history. Public trading is scheduled to begin on 12 June on the NASDAQ exchange under the ticker symbol SPCX.
The offering structure is notable for its retail investor allocation. SpaceX has designated up to 30 per cent of its total IPO shares for direct retail purchase — an unusually large allocation for an offering of this magnitude. Elon Musk will retain over 82 per cent voting control after the offering through a dual-class share structure, maintaining his grip on strategic decisions across SpaceX's launch, satellite, and AI businesses.
The xAI division — responsible for the Grok family of models — is included within the listing as a cash-consuming segment. xAI recently secured an 18-month federal GSA contract providing all US government agencies access to Grok models, and launched Grok Build, a terminal-based coding agent competing directly with Claude Code and GitHub Copilot. However, xAI's infrastructure costs remain substantial, and investors will be scrutinising the division's path to profitability separately from SpaceX's profitable launch and Starlink businesses.
The IPO arrives during what Goldman Sachs has described as an 'AI IPO wave', with Anthropic's confidential S-1 already filed at a $965 billion valuation and OpenAI expected to announce its own listing later in 2026. Goldman projects total 2026 IPO proceeds of $160 billion — a dramatic recovery for public markets that had been largely dormant for new technology listings since 2021.
For context engineers, the SpaceX IPO is relevant because it brings xAI and its Grok models into the scrutiny of public market reporting. Quarterly earnings disclosures will provide unprecedented visibility into AI infrastructure costs, model development spending, and competitive positioning — data that has been opaque while frontier AI companies remained private.
