SpaceX officially priced its initial public offering at $135 per share on 11 June, completing what is now the largest IPO in recorded history. The offering raised approximately $75 billion and valued the combined SpaceX-xAI entity at $1.77 trillion — surpassing Saudi Aramco's $29.4 billion listing in 2019. Trading is scheduled to begin 12 June on the Nasdaq exchange under the ticker SPCX.
The S-1 filing revealed a company of contrasts. Starlink, the satellite internet division, is highly profitable with $4.4 billion in operating profit on $11.4 billion revenue. The launch business continues to dominate commercial space. However, xAI — the AI division responsible for Grok models, absorbed via an all-stock transaction in February 2026 — lost $6.36 billion in 2025. The combined entity posted a $4.94 billion net loss.
The offering structure includes an unusually large retail allocation of up to 30 per cent of total IPO shares — a deliberate strategy to build a broad shareholder base. Elon Musk retains over 82 per cent voting control through a dual-class share structure, maintaining his grip on strategic decisions across SpaceX's launch, satellite, and AI businesses.
The timing positions SpaceX as the first mover in what Goldman Sachs has described as an 'AI IPO wave.' Anthropic filed its confidential S-1 on 1 June at a $965 billion valuation, and OpenAI filed on 8 June at $852 billion. Goldman projects total 2026 IPO proceeds of $160 billion.
Also on 11 June, OpenAI announced that enterprise customers can access its frontier models through existing Oracle Universal Credits, leveraging the $500 billion Stargate infrastructure project. DXC Technology announced a global Claude partnership — the first of two major IT services firms to do so within 24 hours.
For context engineers, the SpaceX IPO brings xAI and its Grok models into public market scrutiny. Quarterly earnings disclosures will provide unprecedented visibility into AI infrastructure costs and competitive positioning.
