Musk's rocket, Starlink, and AI giant — the largest IPO in history at ~$1.77 trillion.
Updated · Analysis by Trace Cohen · spacex.com
Jun 12, 2026
Jun 12, 2026
IPO price → recent
~61% of total, +50% YoY
Mar 2026, across 160 countries
From 4.6M subscribers at end of 2024 to 10.3M by March 2026.
Source: Company reports
SpaceX completed the largest IPO ever on June 12, 2026 — priced at $135/share (ticker SPCX), raising ~$75B at a ~$1.77 trillion valuation. Shares hit an intraday high of $225.64 (~$2.21T market cap) before settling around $150. It now spans three segments: launch (Falcon/Starship), Starlink, and AI (xAI/Grok + Cursor). Note the bear case: Morningstar pegs fair value near $780B, citing xAI as a 'material threat of value destruction.'
SpaceX runs three segments. The first is launch — Falcon 9/Heavy and Starship — where it is the dominant commercial launch provider. The second is Starlink, the satellite-internet business that is the company's cash engine at $11.4B in 2025 revenue (about 61% of the total) and 10.3M subscribers.
The third segment is AI: xAI/Grok (acquired in February 2026 at a ~$250B mark) plus Cursor/Anysphere (acquired June 16, 2026 for ~$60B all-stock). The thesis is a vertically integrated Musk-verse where launch funds Starlink, Starlink funds AI compute, and AI rides on SpaceX's capital and balance sheet.
SpaceX was last valued privately around $1.5T before its June 2026 IPO raised ~$75B — the largest IPO on record. It funded its AI expansion via all-stock deals (xAI, Cursor) rather than cash.
Rival launch providers chasing SpaceX's lead.
The main satellite-internet challenger to Starlink.
Small-launch competitor.
Frontier-AI rivals to the xAI/Grok segment.
SpaceX is now a bet on Musk bundling rockets, internet, and AI into one trillion-dollar flywheel. The genius of the structure is using stock — not cash — to buy xAI and Cursor, which means SpaceX expands its AI footprint without draining the balance sheet that launch and Starlink fund. The catch: the AI segment is also the single biggest risk to the multiple. Morningstar's ~$780B fair value versus the ~$1.77T IPO mark is the entire debate — and xAI's burn is what's on the wrong side of it.
SpaceX completed the largest IPO in history on June 12, 2026 at roughly $1.77 trillion, pricing at $135/share and raising about $75 billion. Shares briefly hit an intraday $225.64 (~$2.21T) before settling around $150.
SPCX is SpaceX's NASDAQ ticker. It debuted at $135/share in the June 12, 2026 IPO and has recently traded around $150.
Yes. SpaceX merged with xAI/Grok in February 2026 (~$250B) and acquired Cursor/Anysphere on June 16, 2026 for ~$60B all-stock — both forming its AI segment.
Starlink generated $11.4 billion in 2025 — about 61% of SpaceX's total revenue and up roughly 50% year over year — across 10.3 million customers in 160 countries.
Analysis by Trace Cohen · @Trace_Cohen · t@nyvp.com. Figures are as of the update date; verify before relying on them.