SpaceX Makes History With Biggest-Ever IPO | Bloomberg Tech 6/12/2026
TL;DR
SpaceX debuted on public markets with shares indicated to open at $155-$162, implying a $2 trillion valuation that ranks among the world's largest companies immediately. The IPO marks a strategic pivot from rocket reusability to AI infrastructure, with xAI's cloud deals potentially dominating revenue alongside Starlink's growth.
📈 Historic IPO Performance 2 insights
Massive valuation pop on debut
Shares priced at $135 opened at indications of $155-$162, implying a market cap exceeding $2 trillion and ranking SpaceX among the top 6 most valuable Nasdaq companies immediately.
Overwhelming institutional demand
Despite disappointment among retail and some institutional investors over allocation limits, the IPO triggered significant volatility across markets as traders positioned for liquidity.
🤖 Strategic Pivot to AI Infrastructure 3 insights
xAI becomes core revenue driver
Recent cloud computing deals with Anthropic and Google generated approximately $26 billion in recurring revenue, positioning SpaceX as a 'neo-cloud' AI infrastructure provider.
Vertical integration advantage
The company's ability to build data centers faster and cheaper than competitors creates spare capacity to serve hyperscalers while reserving capacity for Grok models.
Enterprise market expansion
SpaceX is targeting the $28 trillion enterprise application market, with potential Cursor acquisition expected to enhance Grok's coding capabilities and first-party enterprise offerings.
🚀 Evolution from Rockets to Starlink 2 insights
Three-phase business transformation
The company evolved from reusable Falcon 9 rockets to Starlink's 12 million subscriber constellation, now expanding toward orbital data centers and space-based infrastructure.
Starship unlocks next growth phase
Successful Starship development remains critical for deploying larger Starlink satellites and enabling space-based data centers, though the current terrestrial AI business already generates substantial revenue.
💰 Investor Perspectives 3 insights
Early venture windfalls
Founders Fund, 137 Ventures, Sequoia and Andreessen Horowitz stand to make tens of billions in returns, with Founders Fund alone potentially seeing $50 billion-plus on an initial $600 million investment.
Valuation concerns persist
Bloomberg Intelligence analysts find the $2 trillion valuation 'quite rich' based on current SpaceX and Starlink fundamentals, suggesting the price reflects long-term 2030-2050 AI infrastructure potential.
Long-term holding thesis
Major investors like 137 Ventures plan to hold positions for 10-20 years, betting the company will grow 30% annually by connecting cars, planes, and billions of internet users through Starlink while dominating AI compute.
Bottom Line
SpaceX is repackaging itself as an AI infrastructure utility rather than an aerospace company, with investors paying a premium for its vertical integration advantage in the $28 trillion enterprise AI market despite traditional valuation metrics suggesting the $2 trillion price is stretched.
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