The biggest IPO in history just landed. SpaceX priced 555 million shares at $135, raising $75 billion and blowing past Saudi Aramco’s record. The company begins trading today as the seventh-largest in the U.S. at a $1.75 trillion valuation - bigger than Tesla.
This is no longer just a rocket company. After merging with xAI earlier this year, SpaceX now bundles Starlink (10.3 million subscribers, $11.4 billion in 2025 revenue), Grok AI, the X social platform, and the world’s largest private launch operation under one ticker. The Colossus data centers it absorbed from xAI have locked in compute contracts with Google and Anthropic worth $26 billion a year.
But the S-1 also revealed a $4.94 billion net loss in 2025, $9 billion in related-party debt tied to Elon Musk’s longtime business partner, and a governance structure that gives Musk 85.1% voting control. Starship has never delivered a commercial payload to orbit.
The most ambitious company on Earth is now the priciest IPO the Nasdaq has ever seen.
Here's how the community voted
Starlink is the only satellite broadband network operating at global scale, with 10.3 million subscribers across 155 countries and Q1 2026 revenue of $3.26 billion. Operating income hit $1.19 billion in Q1 alone, proving the unit economics work. The direct-to-cell business, powered by Starship’s larger payloads, could unlock billions more by eliminating dead zones for existing mobile carriers.
The compute business changes everything. Google signed a 32-month deal at $920 million per month and Anthropic pays $1.25 billion per month. Those two contracts alone generate roughly $26 billion annually - exceeding SpaceX’s entire 2025 revenue of $18.7 billion. The Colossus data centers inherited from xAI give SpaceX a compute infrastructure that every major AI lab wants access to.
SpaceX dominates commercial launch with no serious competitor at scale. Starship V3 targets 100 metric tons to orbit at a fraction of the cost of any existing rocket. If it reaches commercial reliability in H2 2026 as planned, it unlocks government contracts and satellite deployment at a cadence that makes Starlink’s growth curve look conservative.
At ~94x trailing revenue on a $4.94 billion net loss, this may be the most richly valued IPO in stock market history. Morningstar pegs fair value near $780 billion - less than half the IPO valuation. One analyst estimates SpaceX would eventually need over $1 trillion in annual revenue to justify the price. Amazon currently does ~$717 billion.
Musk holds 85.1% voting control through dual-class shares while serving as CEO, CTO, and chairman. The S-1 disclosed $9 billion in related-party debt from GPU leases with Valor Equity Partners, run by longtime Musk ally Antonio Gracias, who also sits on SpaceX’s board. Public shareholders get exposure but zero governance power.
Execution risk spans every segment. Starship has succeeded on 7 of 12 launches and never delivered a commercial payload to orbit. xAI burned $6.4 billion in 2025. Starlink’s average revenue per user has fallen from ~$99 to the mid-$60s as the company cuts prices to grow. Both the Google and Anthropic compute deals include 90-day termination clauses after December 2026.
Starlink is the only satellite broadband network operating at global scale, with 10.3 million subscribers across 155 countries and Q1 2026 revenue of $3.26 billion. Operating income hit $1.19 billion in Q1 alone, proving the unit economics work. The direct-to-cell business, powered by Starship’s larger payloads, could unlock billions more by eliminating dead zones for existing mobile carriers.
The compute business changes everything. Google signed a 32-month deal at $920 million per month and Anthropic pays $1.25 billion per month. Those two contracts alone generate roughly $26 billion annually - exceeding SpaceX’s entire 2025 revenue of $18.7 billion. The Colossus data centers inherited from xAI give SpaceX a compute infrastructure that every major AI lab wants access to.
SpaceX dominates commercial launch with no serious competitor at scale. Starship V3 targets 100 metric tons to orbit at a fraction of the cost of any existing rocket. If it reaches commercial reliability in H2 2026 as planned, it unlocks government contracts and satellite deployment at a cadence that makes Starlink’s growth curve look conservative.
At ~94x trailing revenue on a $4.94 billion net loss, this may be the most richly valued IPO in stock market history. Morningstar pegs fair value near $780 billion - less than half the IPO valuation. One analyst estimates SpaceX would eventually need over $1 trillion in annual revenue to justify the price. Amazon currently does ~$717 billion.
Musk holds 85.1% voting control through dual-class shares while serving as CEO, CTO, and chairman. The S-1 disclosed $9 billion in related-party debt from GPU leases with Valor Equity Partners, run by longtime Musk ally Antonio Gracias, who also sits on SpaceX’s board. Public shareholders get exposure but zero governance power.
Execution risk spans every segment. Starship has succeeded on 7 of 12 launches and never delivered a commercial payload to orbit. xAI burned $6.4 billion in 2025. Starlink’s average revenue per user has fallen from ~$99 to the mid-$60s as the company cuts prices to grow. Both the Google and Anthropic compute deals include 90-day termination clauses after December 2026.
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Same as @sire_frugalman, I want to love it but the equation doesn't work for me.
Crazy situation with the indexes and what not… want to love this stock with all the rocket innovation, but it’s been bastardized into something else with this AI nonsense. God speed all the passive investors who get landed with this. Dud for me.