News & Updates
The latest news and updates from companies in the WLTH portfolio.
The SpaceX IPO Has Wall Street Debating Whether the AI Boom Is a Bubble. Both Sides Have a Point.
On June 12, SpaceX (NASDAQ: SPCX) completed the largest initial public offering (IPO) in history, raising about $75 billion at a valuation of about $1.75 trillion -- more than double the size of any stock market debut before it. By the closing bell, the stock had jumped 19%, lifting the rocket-and-satellite company's value above $2 trillion. SpaceX went public in the middle of a wave of artificial intelligence (AI) spending unlike anything the market has seen, with the four biggest technology companies alone on track to pour about $725 billion into capital expenditures (much of it on data centers and chips this year) -- up about 77% from last year. To some investors, a record listing landing on top of all that spending looks like the kind of enthusiasm that shows up near market tops. To others, it's a rational response to seemingly insatiable demand that remains largely unmet. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " So, is this the top? Here's a look at both arguments. The bear case Bursts of giant, money-losing IPOs have often clustered near market peaks, and SpaceX fits the profile. The company priced at more than 90 times its 2025 revenue while posting a $4.9 billion net loss for the year -- a loss driven largely by the AI unit, the former xAI, that Elon Musk folded into the company. Yet demand for the IPO was heavy enough that the offering was oversubscribed several times over, with retail investors alone reportedly submitting more than $70 billion in orders. The backdrop looks stretched, too. The S&P 500's cyclically adjusted price-to-earnings ratio sits near 40 -- a level it has touched only once before, during the dot-com bubble. Then there's the spending. The four biggest AI spenders -- Amazon (NASDAQ: AMZN), Microsoft, Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL), and Meta Platforms -- are spending so heavily that their free cash flow has plummeted. Indeed, Amazon's trailing free cash flow has fallen about 95%, to $1.2 billion, and its 2026 capital expenditures of about $200 billion look poised to outrun its operating cash flow, turning free cash flow negative for the year. To keep building, the group has leaned heavily on the bond market, and Alphabet recently announced a massive $85 billion equity raise. Meanwhile, the payoff remains hard to find. A widely cited MIT study found that about 95% of corporate generative-AI pilots have yet to produce a measurable return, and in PwC's latest global survey, 56% of CEOs said they were getting essentially nothing from their AI efforts so far.
Elon Musk Says SpaceX Could Put One Million Tons Of Payload In Orbit Within The Next Five Years
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. SpaceX and Tesla Inc.CEO Elon Musk predicted that the commercial space flight giant could exceed orbital payload timelines and expectations. One Million Tons In Five Years On Tuesday, influencer Sawyer Merritt took to the social media platform X to outline details from a new SpaceX valuation model shared by Research firm Mach33, which says that SpaceX could put over 40,000 tons of Starlink payload into orbit in the next two years, coinciding with the first datacenter satellites. Mach33 has published its new @SpaceX valuation model. Mach33 believes the current ~$1.77T equity valuation does not fully reflect the long-term upside from Starship, orbital compute infrastructure, and future SpaceX growth initiatives. "The globe below shows their base case for... https://t.co/fUiz1pQnvH pic.twitter.com/WtNh5THs1w -- Sawyer Merritt (@SawyerMerritt) June 9, 2026 Responding to Merritt, Musk shared bullish sentiments about SpaceX's orbital payload capacity. "1M tons to orbit should be possible in roughy 5 years," the billionaire said. 1M tons to orbit should be possible in roughy 5 years -- Elon Musk (@elonmusk) June 10, 2026 Gene Munster On SpaceX Investor Gene Munster of Deepwater Asset Management touted SpaceX's upcoming IPO as an exciting event for the tech industry. He compared the commercial space flight company with Alphabet Inc., but outlined that SpaceX had an edge over Google as the latter did not make rockets. SpaceX's upcoming IPO has garnered considerable buzz, with investor Ron Baron predicting that the Musk-led company could go on to become worth $30 trillion in the future. See Also: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time Meanwhile, Goldman Sachs Group Inc., which is the lead underwriter for the SpaceX IPO, reportedly shared with prospective investors that the company's total revenue could reach over $474 billion by 2030. Datacenter Lawsuit Further illustrating the prospect of orbital datacenters for Musk is a proposed class-action lawsuit filed against SpaceX and xAI by residents of Mississippi in a federal court in the state, complaining of perpetual and inescapable noise stemming from the AI datacenters. Notably, Musk is not personally named as a defendant in the lawsuit, which includes an estimated 10,000 residents of the area.
The SpaceX IPO Has Wall Street Debating Whether the AI Boom Is a Bubble. Both Sides Have a Point.
On June 12, SpaceX (SPCX +19.22%) completed the largest initial public offering (IPO) in history, raising about $75 billion at a valuation of about $1.75 trillion -- more than double the size of any stock market debut before it. By the closing bell, the stock had jumped 19%, lifting the rocket-and-satellite company's value above $2 trillion. SpaceX went public in the middle of a wave of artificial intelligence (AI) spending unlike anything the market has seen, with the four biggest technology companies alone on track to pour about $725 billion into capital expenditures (much of it on data centers and chips this year) -- up about 77% from last year. To some investors, a record listing landing on top of all that spending looks like the kind of enthusiasm that shows up near market tops. To others, it's a rational response to seemingly insatiable demand that remains largely unmet. So, is this the top? Here's a look at both arguments. The bear case Bursts of giant, money-losing IPOs have often clustered near market peaks, and SpaceX fits the profile. The company priced at more than 90 times its 2025 revenue while posting a $4.9 billion net loss for the year -- a loss driven largely by the AI unit, the former xAI, that Elon Musk folded into the company. Yet demand for the IPO was heavy enough that the offering was oversubscribed several times over, with retail investors alone reportedly submitting more than $70 billion in orders. The backdrop looks stretched, too. The S&P 500's cyclically adjusted price-to-earnings ratio sits near 40 -- a level it has touched only once before, during the dot-com bubble. Then there's the spending. The four biggest AI spenders -- Amazon (AMZN 1.24%), Microsoft, Alphabet (GOOG +0.45%)(GOOGL +0.53%), and Meta Platforms -- are spending so heavily that their free cash flow has plummeted. Indeed, Amazon's trailing free cash flow has fallen about 95%, to $1.2 billion, and its 2026 capital expenditures of about $200 billion look poised to outrun its operating cash flow, turning free cash flow negative for the year. To keep building, the group has leaned heavily on the bond market, and Alphabet recently announced a massive $85 billion equity raise. Meanwhile, the payoff remains hard to find. A widely cited MIT study found that about 95% of corporate generative-AI pilots have yet to produce a measurable return, and in PwC's latest global survey, 56% of CEOs said they were getting essentially nothing from their AI efforts so far. The bull case But the other side of the argument starts with a simple observation -- the demand is extraordinary. "[W]e are compute constrained in the near term," said Alphabet CEO Sundar Pichai during the company's first-quarter 2026 earnings call. "... [O]ur cloud revenue would have been higher if we were able to meet the demand." In other words, Alphabet is turning away cloud revenue because it can't add capacity fast enough. Behind that comment, Google Cloud revenue grew 63% in the first quarter, and its backlog (contracted business it hasn't yet delivered) nearly doubled sequentially to more than $460 billion. The other big providers are growing quickly as well, with Amazon's AWS accelerating sequentially to a year-over-year growth rate of 28%. The bulls also point out that these companies have done this before. The same cloud and data center investments that critics once called reckless have become highly profitable businesses. From that view, spending ahead of demand is how the last technology cycle was won, not a warning sign -- and Goldman Sachs projects AI-related spending will climb toward $1.6 trillion a year by 2031. So, where does this leave investors? Both sides of the argument deserve some consideration. The skeptics are right that valuations are rich and that we're still largely waiting to see profits big enough to justify this unprecedented spending cycle. And the optimists are right about demand: backlogs are massive, and they seem to keep climbing. To me, the honest read is that neither camp has won the argument yet. Which one turns out to be right will come down to the single question neither can answer today -- whether all of that spending eventually produces the profits to justify it. With all of this said, I believe investors may want to consider allocating some of their portfolio to areas that could benefit if the AI boom continues longer than expected, as well as to more conservatively valued investments, with exposure to sectors likely to be more resilient during a pullback in AI spending.
SpaceX IPO is a model for Anthropic and OpenAI
SpaceX and lead IPO banker Goldman Sachs began meeting with prospective IPO investors back in January, Axios has learned. Why it matters: This preemptive playbook is likely to be replicated for Anthropic and OpenAI -- both of which plan to go public later this year -- given how smoothly SpaceX stock launched on Friday. Behind the scenes: "There was an incredible focus on educating investors very early, given the breadth and complexity of the company," a source says. "And it also seemed to be announcing major things on a weekly basis -- like the xAI and Cursor acquisitions, or the Anthropic and Google compute deals -- so the dialogue was constant." * One result was that SpaceX didn't meet with any investors this week for the first time, making the book-build run smoother. * Another was early valuation feedback that helped SpaceX get comfortable offering a $135-per-share "take it or leave it" price. Zoom in: Don't be surprised to see both Anthropic and OpenAI also go to market with a set price, rather than launch an auction, although it will remain an exception to the U.S. IPO rule. * Goldman and SpaceX co-lead Morgan Stanley are likely to also run those processes. The bottom line: With less than six months left in 2026, it's likely both Anthropic and OpenAI already are beginning to test public investor waters. AI is moving fast. Axios AI+ keeps you ahead. Sign up free at Axios.com.
SpaceX Stock Price Prediction: Veteran Warns of a Crash, Compares it to Enron | BanklessTimes
Jim Chanos is warning about the company and its lofty valuation. SpaceX stock price jumped by nearly 20% after its much-anticipated initial public offering, which pushed its valuation to over $2 trillion. It has now become the 7th biggest company in the world after Nvidia, Alphabet, Apple, Microsoft, Amazon, and TSMC. Still, despite the surge, one analyst is warning of an imminent crash. Jim Chanos Warns of SpaceX Stock In a Bloomberg interview, Jim Chanos, a veteran short seller who warned of Enron, sent a blistering warning to investors. He warned that the IPO and the company's valuation reminded him of the Enron era. For starters, Enron was one of the biggest energy trading companies in the United States. It collapsed in early 2000s after it was caught engaging in accounting manipulation. Chanos was one of the top short sellers who warned of the company's risks. Chanos identified two main risks. First, he believes that the company will ultimately engage in massive equity raises, which may lead to dilution among investors. Second, there are concerns about the company's valuation. Its recently released earnings showed that the company made over $18 billion in revenue last year, while losing nearly $5 billion. These losses came mostly from the xAI part of the business, which is burning substantial sums of money. In contrast, Broadcom, which is valued at $1.8 trillion, made $63 billion in revenue last year, and analysts expect that it will make $106 billion and $170 billion this year and in 2027. Similarly, Taiwan Semiconductor, which is valued at the same level as SpaceX, is expected to make $175 billion and $221 billion in the next two years. TSMC has a net profit margin of 45%. Jim Chanos is not the only one warning on the SpaceX stock. In an interview, Nick Colas, the co-founder of Data Take Research, warned that the simple math don't add up to any rational measures of value. He warned that the IPO calculus was simply based on math. Bradley Tusk, another top analyst, believes that it would be crazy to buy shares, pointing to the lofty valuation. Still, some analysts believe that the company is a bargain, pointing to its large addressable markets. For example, its space solutions has a TAM of $370 billion, while starlink broadband, mobile, AI infrastructure, consumer subscriptions, digital advertising, and enterprise applications are worth over $23 trillion. Most IPOs Pop and then Crash The other main risk facing the SpaceX stock price is that many IPOs tend to jump and then crash after that. Indeed, data shows that 91% of them follow this script. In SpaceX's case, the 19% jump was not all that big. For example, Cerebras, a top chipmaker, its stock nearly doubled on day one. Today, it has crashed by over 50%. Similarly, Circle stock more than doubled on day one, and today, it remains much lower than its peak. Just look at all of the recent IPOs, including companies like Figma, Medline, Wealthfront, Venture Global. Chime Financial, and Klarna. Therefore, while SpaceX is a good company, the most likely scenario is where it crashes in the coming months, and then starts to rebound later once it demonstrates revenue growth and profitability.
Musk becomes world's first trillionaire as SpaceX shares soar
NEW YORK, United States -- Shares in Elon Musk's SpaceX closed almost 20% higher on their trading debut Friday after the biggest IPO in history, making the polarizing entrepreneur the world's first trillionaire as he vowed to take humanity to Mars. The blockbuster initial public offering, which raised more than $75 billion, is expected to kick off a series of major IPOs by AI companies in the coming months. The debut on the Nasdaq exchange in New York capped weeks of investor frenzy over the rocket company turned AI and satellite conglomerate. The stock climbed as high as $176, or 31% above its offering price of $135, in its first session before ending the day at $161.50. "SpaceX wants to be able to take you to the Moon, take you to Mars, and ultimately beyond," Musk said at a launch event in Starbase, Texas, surrounded by staff, many of whom became multi-millionaires with the launch of trading. "I'm confident at this point that with the incredible team that we have here at SpaceX, that we will do that for you," Musk added. About 100 people assembled outside the Nasdaq's home in New York, where SpaceX also marked the occasion with a neon sign in Times Square. Musk "sets very futuristic goals that no one else is doing, and I think that has got a lot of people excited," said Sarin Sio, of financial company Dovetail, who had come to the Nasdaq headquarters. The company priced more than 555 million shares at $135 each in a Thursday filing with the US markets regulator, valuing SpaceX at just under $1.8 trillion. Friday's gain lifted SpaceX's market value to more than $2 trillion, placing it among the 10 most valuable American companies -- ahead of Tesla, Facebook-owner Meta and Walmart. Options for nearly 83 million additional shares could push the total raised above $86 billion. Co-founded by Musk in 2002, the rocket startup has since expanded into a major satellite operator and has also folded in Musk's artificial intelligence company -- xAI -- which includes the social media platform X. Trading under the ticker symbol "SPCX," the conglomerate is being closely watched for how Wall Street absorbs the offering and what it will mean for its AI rivals looking to trade on the public markets as early as this year. OpenAI and Anthropic both recently filing initial documents with regulators. Friday's IPO comes just over a year after Musk left President Donald Trump's administration, following a months-long stint leading the highly contentious "DOGE" effort to slash government spending -- while simultaneously juggling his CEO roles at Tesla and SpaceX. Musk's backing of Trump and right-wing populists in Europe -- and a long list of incendiary comments on X -- has seen the entrepreneur go from a broadly admired prodigy to a deeply polarizing figure. The record IPO is nonetheless a testament to Musk's continued support among investors, with Bloomberg reporting that the offering was more than four times oversubscribed. Demand among retail investors -- for whom 20% of shares were reserved -- was also reported to be high. New billionaires The IPO is expected to mint thousands of new millionaires and several billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space and humans on Mars using as-yet unproven technology. A lot also hangs on a huge expansion of SpaceX's Starlink satellite internet service as well as the success of xAI, the maker of the Grok chatbot and Musk's rival to OpenAI and Anthropic that has yet to gain traction. In an effort to shore up its books, SpaceX is renting out its AI computing capacity to Anthropic and Google through short-term deals worth billions of dollars. While SpaceX is growing quickly -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion, mainly on spending to build AI capacity. In an extraordinary prediction, SpaceX's filing claims it can pull in more than $28.5 trillion in revenue from its various markets. The milestone makes Musk by far the world's richest person -- an achievement that earned criticism from some quarters. "The world will get its first trillionaire while Americans across the country are scraping together every dollar to save for retirement," said Democratic Senator Elizabeth Warren.
US stocks rise after oil eases and SpaceX soars in its debut on Wall Street
SpaceX suggested plenty of demand still exists among investors for AI after its stock leaped 19.2% in its first day of trading | Image: Bloomberg US stocks rose Friday after oil prices fell again, and SpaceX soared in its highly anticipated debut on Wall Street. The S&P 500 added 0.5 per cent to close out its 10th winning week in the last 11. The Dow Jones Industrial Average climbed 353 points, or 0.7 per cent, and the Nasdaq composite gained 0.3 per cent. Stocks got a lift from a 3.4 per cent drop for the price of Brent crude oil to $87.33 per barrel, deepening its loss for the week. Oil prices have come down since President Donald Trump on Thursday called off his threat to launch strikes on Iran and said a potential deal with Iran may be imminent. A deal to end the war could reopen the Strait of Hormuz and allow oil tankers to once again deliver crude from the Persian Gulf to customers worldwide. Its near closure since the war began has sent the price of Brent up from roughly $70 per barrel and caused a wave of painful inflation for the world. Of course, financial markets have rallied in the past on hopes that an end to the war with Iran was near, only to get disappointed each time. Also Read SpaceX blows past $2 trillion valuation as stock jumps 20% after record IPO Dhan launches US stocks, ETFs investing for Indians via GIFT City route Oil prices slump to 2-month low as Trump calls off planned strikes on Iran Is SpaceX worth $1.77 trillion? Some investors call it 'pie in the sky' How Asia's locked-out investors are trading SpaceX IPO with limited access The bigger factor for Wall Street over the last week has actually been artificial-intelligence stocks, and how they have gone from roaring to records to suddenly turning lower. The concern is whether such stocks shot too high, too fast because of AI mania, and their careening moves have sometimes reversed direction by the hour. SpaceX suggested plenty of demand still exists among investors for AI after its stock leaped 19.2 per cent in its first day of trading. That gave Elon Musk's rocket company a total value of $2.1 trillion, making it bigger than Exxon Mobil, Bank of America and Coca-Cola combined. In addition to building rockets, SpaceX also owns the artificial intelligence company xAI. AI-related stocks were otherwise mixed following their roller-coaster moves over the last week. Micron Technology's drop of 1.4 per cent was one of the heaviest weights on the S&P 500, but CoreWeave jumped 5 per cent after learning it will join the Nasdaq 100 index later this month. Elsewhere on Wall Street, Adobe dropped 6.8 per cent despite reporting stronger profit and revenue for the latest quarter than analysts expected. Its stock has lost nearly 42 per cent so far this year, and it announced its chief financial officer is leaving the company on Monday. Adobe is already looking for a CEO to replace Shantanu Narayen, who announced in March that he is stepping aside after 18 years as Adobe's leader. All told, the S&P 500 rose 37.16 points to 7,431.46. The Dow Jones Industrial Average climbed 353.51 to 51,202.26, and the Nasdaq composite climbed 79.18 to 25,888.84. In the bond market, Treasury yields rose to regain some of their sharp slide from the day before, when oil prices dropped following Trump's announcement. The yield on the 10-year Treasury climbed to 4.48 per cent from 4.45 per cent late Thursday. High yields can slow entire economies and undercut prices for all kinds of investments, including stocks and cryptocurrencies. They hit investments seen as the most expensive in particular, and some critics are calling the AI industry a bubble where investment inflated too far. Yields got a boost after a report suggested sentiment among U.S. consumers is not as bad as economists feared. The preliminary survey from the University of Michigan said sentiment improved by more than expected. U.S. consumers said they were feeling some relief after gasoline prices eased a bit early in the month. In stock markets abroad, indexes rallied as they caught up to Thursday's big gains on Wall Street. South Korea's Kospi jumped 4.6 per cent and trimmed its losses from earlier this month taken because of sell-offs for AI-related stocks. The Kospi has nearly doubled since the start of the year. Tokyo's Nikkei 225 rose 2.8 per cent, and France's CAC 40 climbed 1.8 per cent for two of the world's bigger moves. More From This Section US Treasury expands bank data-sharing rules in Trump's immigration push 'False and unfounded': UAE denies reports of $3 billion transfer to Iran As officials say Iran war could end soon, some Trump objectives unfulfilled Trump accuses Iran of attacking Indian ships; Tehran rejects charge US and Iran signal peace deal near despite differences over terms
SpaceX on cusp of record IPO that could make Musk a trillionaire
Add Yahoo as a preferred source to see more of our stories on Google. SpaceX enters the final stretch Thursday before its expected trading on Wall Street as part of the biggest initial public offering in history, which could propel co-founder Elon Musk to trillionaire status. The company will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow, as both have filed with regulators for their own market debuts. If all goes as expected, the space and rocket company co-founded by Musk in 2002 will begin trading on the Nasdaq exchange on Friday morning, with all eyes on how Wall Street will absorb the blockbuster IPO that could send tremors across global markets. For high-profile companies, the first day of trading traditionally sees executives ring the opening bell to mark the start of the session -- in this case at New York's Times Square, home of the Nasdaq. The IPO is Musk's biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the SpaceX offering after the multi-billionaire folded them into the company earlier this year. The company will offer more than 555 million shares at an expected $135, placing SpaceX among Wall Street's most elite companies with a valuation of around $1.8 trillion. The operation will become official on Thursday, including the pricing, with questions swirling over whether the company will raise its offer price amid reports that it attracted more than four times the available shares, according to Bloomberg. Thirty percent of the shares will be reserved for retail investors, triple the amount that is typically allocated in IPOs, giving Musk fans a chance to fork over for a slice of the company. - Data centers in space - The success of the IPO rests squarely on investors' faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion. In an extraordinary prediction, SpaceX's filing claims it can pull in over $28.5 trillion in revenue from its various markets. The offering should easily outrank Saudi Aramco's $29.4 billion debut on the public markets in 2019, the biggest ever.
US senator Elizabeth Warren asks regulator to delay SpaceX IPO, flags concerns over high valuation - CNBC TV18
Sen. Elizabeth Warren urges the SEC to delay SpaceX IPO, citing valuation, governance, conflicts over Elon Musk and xAI, and risks to investors from a 135 dollar fixed share price Amid the loud fanfare surrounding the initial public offering (IPO) of Elon Musk's SpaceX, concerns have persisted surrounding the valuation of the space and AI tech company. In a letter shared with CNBC, Sen. Elizabeth Warren, D-Mass., urged the Securities and Exchange Commission to postpone SpaceX's impending IPO, citing issues with the rocket manufacturer's valuation and corporate governance. CNBC quoted Warren's letter, in which she appealed to the market regulator, and said, "Given the unprecedented threats to investor protection and market integrity posed by the biggest IPO in history, you must delay any eventual acceleration of the registration statement's effectiveness accordingly." The 12-page letter to the SEC underscored the potential for inaccurate or misleading accounting or valuation. Warren also raised concerns over conflicts of interest about Elon Musk's "uniquely unchecked" influence as the business's majority shareholder, SpaceX's acquisition of Elon Musk's xAI, and the "significant risks" that both active and passive investors would face if the company were to move quickly into major stock market indices. The letter from the US senator from Massachusetts, who is also a ranking member of the banking committee, comes ahead of SpaceX's Wall Street debut on Friday. The SpaceX IPO has been in the news for its pricing as well, as, instead of offering a price range that fluctuates based on demand, as is typical in initial public offerings (IPOs), SpaceX took the unique decision to set a take-it-or-leave-it price of $135 per share. Also Read:'I love inflation': Donald Trump responds to worst rise in US CPI in 3 years
SpaceX on cusp of record IPO that could make Musk a trillionaire
SpaceX enters the final stretch Thursday before its expected trading on Wall Street as part of the biggest initial public offering in history, which could propel co-founder Elon Musk to trillionaire status. The company will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow, as both have filed with regulators for their own market debuts. If all goes as expected, the space and rocket company co-founded by Musk in 2002 will begin trading on the Nasdaq exchange on Friday morning, with all eyes on how Wall Street will absorb the blockbuster IPO that could send tremors across global markets. For high-profile companies, the first day of trading traditionally sees executives ring the opening bell to mark the start of the session -- in this case at New York's Times Square, home of the Nasdaq. The IPO is Musk's biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the SpaceX offering after the multi-billionaire folded them into the company earlier this year. The company will offer more than 555 million shares at an expected $135, placing SpaceX among Wall Street's most elite companies with a valuation of around $1.8 trillion. The operation will become official on Thursday, including the pricing, with questions swirling over whether the company will raise its offer price amid reports that it attracted more than four times the available shares, according to Bloomberg. Thirty percent of the shares will be reserved for retail investors, triple the amount that is typically allocated in IPOs, giving Musk fans a chance to fork over for a slice of the company. - Data centers in space - The success of the IPO rests squarely on investors' faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion. In an extraordinary prediction, SpaceX's filing claims it can pull in over $28.5 trillion in revenue from its various markets. The offering should easily outrank Saudi Aramco's $29.4 billion debut on the public markets in 2019, the biggest ever.
SpaceX on cusp of record IPO that could make Musk a trillionaire
The initial public offering of SpaceX could be the largest in Wall Street history SpaceX enters the final stretch Thursday before its expected trading on Wall Street as part of the biggest initial public offering in history, which could propel co-founder Elon Musk to trillionaire status. The company will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow, as both have filed with regulators for their own market debuts. If all goes as expected, the space and rocket company co-founded by Musk in 2002 will begin trading on the Nasdaq exchange on Friday morning, with all eyes on how Wall Street will absorb the blockbuster IPO that could send tremors across global markets. For high-profile companies, the first day of trading traditionally sees executives ring the opening bell to mark the start of the session -- in this case at New York's Times Square, home of the Nasdaq. The IPO is Musk's biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the SpaceX offering after the multi-billionaire folded them into the company earlier this year. The company will offer more than 555 million shares at an expected $135, placing SpaceX among Wall Street's most elite companies with a valuation of around $1.8 trillion. The operation will become official on Thursday, including the pricing, with questions swirling over whether the company will raise its offer price amid reports that it attracted more than four times the available shares, according to Bloomberg. Thirty percent of the shares will be reserved for retail investors, triple the amount that is typically allocated in IPOs, giving Musk fans a chance to fork over for a slice of the company. - Data centers in space - The success of the IPO rests squarely on investors' faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion. In an extraordinary prediction, SpaceX's filing claims it can pull in over $28.5 trillion in revenue from its various markets. The offering should easily outrank Saudi Aramco's $29.4 billion debut on the public markets in 2019, the biggest ever.
SpaceX on cusp of record IPO that could make Musk a trillionaire
The initial public offering of SpaceX could be the largest in Wall Street history SpaceX enters the final stretch Thursday before its expected trading on Wall Street as part of the biggest initial public offering in history, which could propel co-founder Elon Musk to trillionaire status. The company will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow, as both have filed with regulators for their own market debuts. If all goes as expected, the space and rocket company co-founded by Musk in 2002 will begin trading on the Nasdaq exchange on Friday morning, with all eyes on how Wall Street will absorb the blockbuster IPO that could send tremors across global markets. For high-profile companies, the first day of trading traditionally sees executives ring the opening bell to mark the start of the session -- in this case at New York's Times Square, home of the Nasdaq. The IPO is Musk's biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the SpaceX offering after the multi-billionaire folded them into the company earlier this year. The company will offer more than 555 million shares at an expected $135, placing SpaceX among Wall Street's most elite companies with a valuation of around $1.8 trillion. The operation will become official on Thursday, including the pricing, with questions swirling over whether the company will raise its offer price amid reports that it attracted more than four times the available shares, according to Bloomberg. Thirty percent of the shares will be reserved for retail investors, triple the amount that is typically allocated in IPOs, giving Musk fans a chance to fork over for a slice of the company. - Data centers in space - The success of the IPO rests squarely on investors' faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion. In an extraordinary prediction, SpaceX's filing claims it can pull in over $28.5 trillion in revenue from its various markets. The offering should easily outrank Saudi Aramco's $29.4 billion debut on the public markets in 2019, the biggest ever.
SpaceX on cusp of record IPO that could make Musk a trillionaire
Add Yahoo as a preferred source to see more of our stories on Google. SpaceX enters the final stretch Thursday before its expected trading on Wall Street as part of the biggest initial public offering in history, which could propel co-founder Elon Musk to trillionaire status. The company will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow, as both have filed with regulators for their own market debuts. If all goes as expected, the space and rocket company co-founded by Musk in 2002 will begin trading on the Nasdaq exchange on Friday morning, with all eyes on how Wall Street will absorb the blockbuster IPO that could send tremors across global markets. For high-profile companies, the first day of trading traditionally sees executives ring the opening bell to mark the start of the session -- in this case at New York's Times Square, home of the Nasdaq. The IPO is Musk's biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the SpaceX offering after the multi-billionaire folded them into the company earlier this year. The company will offer more than 555 million shares at an expected $135, placing SpaceX among Wall Street's most elite companies with a valuation of around $1.8 trillion. The operation will become official on Thursday, including the pricing, with questions swirling over whether the company will raise its offer price amid reports that it attracted more than four times the available shares, according to Bloomberg. Thirty percent of the shares will be reserved for retail investors, triple the amount that is typically allocated in IPOs, giving Musk fans a chance to fork over for a slice of the company. - Data centers in space - The success of the IPO rests squarely on investors' faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion. In an extraordinary prediction, SpaceX's filing claims it can pull in over $28.5 trillion in revenue from its various markets. The offering should easily outrank Saudi Aramco's $29.4 billion debut on the public markets in 2019, the biggest ever.
SpaceX on cusp of record IPO that could make Musk a trillionaire
SpaceX enters the final stretch Thursday before its expected trading on Wall Street as part of the biggest initial public offering in history, which could propel co-founder Elon Musk to trillionaire status. The company will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow, as both have filed with regulators for their own market debuts. If all goes as expected, the space and rocket company co-founded by Musk in 2002 will begin trading on the Nasdaq exchange on Friday morning, with all eyes on how Wall Street will absorb the blockbuster IPO that could send tremors across global markets. For high-profile companies, the first day of trading traditionally sees executives ring the opening bell to mark the start of the session -- in this case at New York's Times Square, home of the Nasdaq. The IPO is Musk's biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the SpaceX offering after the multi-billionaire folded them into the company earlier this year. The company will offer more than 555 million shares at an expected $135, placing SpaceX among Wall Street's most elite companies with a valuation of around $1.8 trillion. The operation will become official on Thursday, including the pricing, with questions swirling over whether the company will raise its offer price amid reports that it attracted more than four times the available shares, according to Bloomberg. Thirty percent of the shares will be reserved for retail investors, triple the amount that is typically allocated in IPOs, giving Musk fans a chance to fork over for a slice of the company. - Data centers in space - The success of the IPO rests squarely on investors' faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company's near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion.
Why SpaceX Needed $75 Billion from the IPO and Changed Strategy for AI in 2027 and Beyond
SpaceX was going to launch about 5,000 to 8,000 Version 3 communications satellites in 2027 and then another 20,000 Version 3 communication satellites in 2028. This was the old plan until it was confirmed that AI data centers in space would work and would be easier to build. They are raising $75 billion or may $85 billion from the IPO and they will speed up launch plans and satellite build. They will sacrifice and slightly slowdown deployment of V3 communication (high speed internet) and direct to cellphone communications. Adding 5,000 V3 satellites is like adding 60,000 V2 mini satellites. This enables them to add six times as many customers. They can already go to 30-50 million customers from the 12 million they have today. The FCC permitted an increase in power flux density which as increase in transmission power. This lets more customers get better service. They also bought more spectrum from Echostar which can be used for direct to cellphone and is critical for direct to cellphone. The Echostar midband spectrum also improves high speed internet service and capacity. SpaceX can get by adding 2000 V3 satellites for high speed internet and 2000 satellites for direct to cellphone. By pushing hard with the $75 billion they can add more launch towers and launch sites and upgrade launch facilities to get two to three times the Starship launches in 2027 and in 2028. They can get to $30 billion per year of Starlink high speed even without adding new satellites and a moderate increase in V3 satellites ensures they can get to 200 million customer capacity globally for $90-120 billion per year in high speed internet and $40-100 billion in direct to cellphone annual revenue. 1.5 Gigawatt of AI data center revenue and data center revenue on Earth with Rubin chips can be twice as much as the Colussus 2 revenue potential using B200. The Rubin chips have ten times the AI inference capacity. This should rent for twice as much. 550K B300 chips using 1.3 Gigawatts of energy and at google rental rates of $11 billion per year for 110k B200 chips is $55 billion per year for all of colossus 2. It would be $110 billion per year for a Rubin chip version of Colossus 2 or about $75 billion per year per gigawatt. IF SpaceX could sell its own AI via XAI Grok Code and Cursor, then they could fully use and monetize 10X the inference for $440+ billion per year for each gigawatt of ground AI data center or Space data center. ONCE SPACEX IS PUTTING 4-10+ GW PER YEAR OF AI DATA CENTER ON THE GROUND OR IN SPACE IT IS GAME OVER - $400 Billion to Trillions per Year 130 V3 Starship launches is enough for launches for 1 gigawatt of Version 1 AI satellite and that would be $75 billion per year or more in revenue. It would be $400 billion per year if they can get Cursor and Grok Code competitive or leading. This is about 2 to 3 times the incremental communication revenue even when they are renting out the AI to others. It is over 10 times the revenue if they get their own coding and AI agent systems competitive. The first dozen or so launches of communication add more critical incremental capability. But it also takes time to make the dishes and sell them. Customers for communications can only be added so quickly. 1 GW PER YEAR WAS ALREADY 20% OF ALL AI DATA CENTER IN 2025 and 2026 4-10 GW PER YEAR will 50-80% of ALL AI DATA CENTER. Using newest Rubin Chips will make those insanely valuable and even more with the later Feynman chips. Expanded factories will use the IPO money. The new Version 5 dishes are game changers. There is a near term global market for a few hundred million of the terminals - aka flat dishes aka high speed internet subscribers. the Version 5 dishes and new spectrum will make them fully competitive and superior to fiber internet. Flat screen monitor economics is less then $50 cost per dish. The New V5 dish, thinner and includes new mini. They are able to handle military customers and have superior. GPS. NO REGULAR GPS ELECTRONICS . STARLINK LOCATION BETTER THAN GPS. Do More. Less Power. 1-2hr battery. Router included. USBC for regular power links. Can go fully symmetrical. 100 mbps, 300 mbps, 500 mbps uploads. Even gbps or multi-gbps. FASTER and SYMMETRICAL 20 MS latency. Golden Dome Money $20-40 Billion Per Year Golden Dome's objective architecture at approximately $185 billion within 3 years. 60% of this will be in space for about 1200 satellites and then scaling to 7500 interceptors and then replacements every five years. SpaceX just got about $6.4 billion for one of the the first parts of the Golden Dome projects. SpaceX was awarded a $4.16 billion contract from the Space Force. $2.29 billion for the Space Data Network (SDN) Backbone military communications mesh in LEO (also Starshield-based) to link sensors, weapons, and command systems. Fully operational prototype by end of 2027. If SpaceX captures 40% of the ~$600-700 billion in satellite-related acquisition costs across SBI + sensing layers (buses/platforms, integration, where it has Starshield heritage and vertical integration advantage), that alone is $240 billion. 30% of the first $185 billion for the next three years or so would be $60 billion for three years or $20 billion per year.
Countdown to launch: SpaceX's record-breaking IPO - PitchBook
06:49 PM June 10, 2026 SpaceX unveils AI1, its first orbital data center, ahead of Friday IPO On Monday, SpaceX unveiled the AI1, its first-generation orbital data center (an unusual move for a company actively in a pre-IPO quiet period). In a video posted to X, Musk said, "The AI satellite is much simpler than a Starlink satellite," referring to its design. When Elon Musk announced SpaceX would acquire xAI, he said the deal was all about putting data centers in space. "Global electricity demand for AI simply cannot be met with terrestrial solutions," he wrote. "Space-based AI is obviously the only way to scale." SpaceX isn't the first company to float the idea. For years, a number of VC-backed companies have been developing space-based data center technology. In October, one of these startups, Starcloud, launched a satellite equipped with an Nvidia H100 and trained an open-source large language model. 03:44 PM June 10, 2026 US stock indexes tumble as inflation and Iranian war heat up SpaceX's IPO could launch into choppy waters on Friday. All major US stock indexes were down on Wednesday following a one-two punch of news. First, President Trump announced that the US would hit Iran "very hard" after a US helicopter was downed on Monday. Then the US Bureau of Labor Statistics reported that inflation in May rose to 4.2% -- its highest level in three years. Subsequently, the Nasdaq, where SpaceX will debut, sunk by nearly 2%. 03:21 PM June 10, 2026 The (x)AI story inside SpaceX: "The financials look reckless." SpaceX's S-1 provides the clearest financial picture to date of the inner workings on xAI, the AI frontier lab Elon Musk set up in 2023 and maker of the Grok large language model. There's long been speculation about large language model developers like OpenAI and Anthropic having very high burn rates as they've secured multi-billion-dollar commitments for chips and compute capacity. In February, SpaceX announced it was acquiring xAI, with Musk justifying the acquisition as a key step in the company's quest to put AI data centers into space. The space company's S-1 has since revealed: "The financials look reckless," said PitchBook analyst Harrison Rolfes when asked for his thoughts. Read about the xAI details from SpaceX's S-1 here. 05:17 PM June 9, 2026 Diving under the hood of SpaceX's financials SpaceX publicly filed its S-1 in late May. Here are PitchBook senior analyst Franco Granda's main takeaways from the 300-page document: Read the full report here. 05:20 PM June 8, 2026 AI IPO race kicks off now that OpenAI and Anthropic have confidentially filed with the SEC OpenAI announced it has confidentially filed its S-1, setting off the race for the mega AI IPO. A week earlier, Anthropic announced it had done the same. Details for both IPOs are scant, but they are most certainly watching how SpaceX performs and the market's appetite for such large listings. The ChatGPT-maker's CEO, Sam Altman, was recently cleared in a long legal fight with SpaceX CEO Elon Musk, who claimed Altman tried to swindle him and steal the company. Read more about the AI IPO race here.
SpaceX Thinks Its AI Business Has $26.5 Trillion in Potential. Here's Why It May Actually Be True.
The SpaceX initial public offering (IPO) is nearly upon us. If you're interested in participating, or even just following along, it's critical that you read the company's IPO prospectus. By reading the prospectus, you'll encounter many surprising claims. SpaceX, for example, wants to pioneer a "multiplanetary" civilization, powered by orbital data centers, artificial superintelligence, and a permanent human base on the moon. Putting everything together, SpaceX believes that its bold vision provides the largest investment opportunity in history. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue " "We believe we have identified the largest actionable total addressable market in human history," the SpaceX prospectus reads. "We estimate that our quantifiable TAM is $28.5 trillion." With a targeted valuation of $1.77 trillion, a potential total addressable market (TAM) of $28.5 trillion looks attractive on paper. But here's the thing: Nearly all of that potential growth is reserved exclusively for one business segment. That segment isn't rockets or satellites -- the areas SpaceX is most known for. Instead, SpaceX believes its most promising growth opportunity is artificial intelligence (AI), to which it attributes $26.5 trillion of its $28.5 trillion TAM. SpaceX admits that its AI business is still "relatively early stage." And yet much of the company's IPO valuation hinges on its success. Can there really be $26.5 trillion in growth opportunities for the AI division alone? The answer might surprise you. Elon Musk is going all-in on artificial intelligence SpaceX isn't the only Elon Musk company going all in on AI. Much of Tesla's (NASDAQ: TSLA) $1.2 trillion valuation is arguably tied up in AI potential as well. That company invested $2 billion in xAI -- Musk's AI start-up, which merged with SpaceX earlier this year -- and much of its $20 billion capital expenditure plan this year focused on AI and autonomous driving. Tesla's current AI investments, however, pale in comparison to what SpaceX is expected to spend scaling up its AI business. Last year, SpaceX's capital expenditure budget was also around $20 billion. Nearly $13 billion of that sum was directed exclusively to AI -- three times as much as it spent on rockets. Much of SpaceX's AI spending has been dedicated to building data centers, which, in turn, are used to train and advance the company's AI models. And the spending spree won't abate anytime soon. In fact, AI capital expenditures may soon reach epic proportions. Image source: Getty Images. Evercore ISI, the research arm of an investment bank, believes SpaceX's capital expenditures will increase from $20 billion last year to $360 billion by 2030. In 2031, it sees spending doubling to an astounding $732 billion -- $666 billion of which exclusively relates to the company's AI division. All of this spending will result in heavy financial demands. Goldman Sachs, for example, sees SpaceX generating free cash flow of negative $105 billion in 2029. Justifying a $26.5 trillion total addressable market for SpaceX's AI division isn't hard. Morgan Stanley projects a $25 trillion market for AI-powered robots alone by 2050, and SpaceX will be involved in far more than robotics. The challenge is projecting SpaceX's ability to execute financially. It will compete against big tech companies with equally deep pockets, many of which are already profitable and cash flow positive. I'm not concerned with SpaceX's rosy TAM estimates. I'm mostly concerned with the company's ability to take a meaningful slice of those markets, especially given a rich IPO valuation target of $1.77 trillion. Simply funding these related efforts will be challenging, requiring the market's patience to underwrite a money-losing business at massive scale for years to come. SpaceX undeniably has a bright future. The company's rocket technology and track record are well ahead of the competition, as is its existing satellite network. But AI will be the company's key value driver over the long term. Investors can't just be excited about AI's potential. They must also be bullish on SpaceX's ability to execute and fund itself until it can realize positive free cash flow. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 942%* -- a market-crushing outperformance compared to 206% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. See the stocks " *Stock Advisor returns as of June 10, 2026. Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group and Tesla. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
SpaceX Thinks Its AI Business Has $26.5 Trillion in Potential. Here's Why It May Actually Be True.
The SpaceX initial public offering (IPO) is nearly upon us. If you're interested in participating, or even just following along, it's critical that you read the company's IPO prospectus. By reading the prospectus, you'll encounter many surprising claims. SpaceX, for example, wants to pioneer a "multiplanetary" civilization, powered by orbital data centers, artificial superintelligence, and a permanent human base on the moon. Putting everything together, SpaceX believes that its bold vision provides the largest investment opportunity in history. "We believe we have identified the largest actionable total addressable market in human history," the SpaceX prospectus reads. "We estimate that our quantifiable TAM is $28.5 trillion." With a targeted valuation of $1.77 trillion, a potential total addressable market (TAM) of $28.5 trillion looks attractive on paper. But here's the thing: Nearly all of that potential growth is reserved exclusively for one business segment. That segment isn't rockets or satellites -- the areas SpaceX is most known for. Instead, SpaceX believes its most promising growth opportunity is artificial intelligence (AI), to which it attributes $26.5 trillion of its $28.5 trillion TAM. SpaceX admits that its AI business is still "relatively early stage." And yet much of the company's IPO valuation hinges on its success. Can there really be $26.5 trillion in growth opportunities for the AI division alone? The answer might surprise you. Elon Musk is going all-in on artificial intelligence SpaceX isn't the only Elon Musk company going all in on AI. Much of Tesla's (TSLA 1.36%) $1.2 trillion valuation is arguably tied up in AI potential as well. That company invested $2 billion in xAI -- Musk's AI start-up, which merged with SpaceX earlier this year -- and much of its $20 billion capital expenditure plan this year focused on AI and autonomous driving. Tesla's current AI investments, however, pale in comparison to what SpaceX is expected to spend scaling up its AI business. Last year, SpaceX's capital expenditure budget was also around $20 billion. Nearly $13 billion of that sum was directed exclusively to AI -- three times as much as it spent on rockets. Much of SpaceX's AI spending has been dedicated to building data centers, which, in turn, are used to train and advance the company's AI models. And the spending spree won't abate anytime soon. In fact, AI capital expenditures may soon reach epic proportions. Evercore ISI, the research arm of an investment bank, believes SpaceX's capital expenditures will increase from $20 billion last year to $360 billion by 2030. In 2031, it sees spending doubling to an astounding $732 billion -- $666 billion of which exclusively relates to the company's AI division. All of this spending will result in heavy financial demands. Goldman Sachs, for example, sees SpaceX generating free cash flow of negative $105 billion in 2029. Justifying a $26.5 trillion total addressable market for SpaceX's AI division isn't hard. Morgan Stanley projects a $25 trillion market for AI-powered robots alone by 2050, and SpaceX will be involved in far more than robotics. The challenge is projecting SpaceX's ability to execute financially. It will compete against big tech companies with equally deep pockets, many of which are already profitable and cash flow positive. I'm not concerned with SpaceX's rosy TAM estimates. I'm mostly concerned with the company's ability to take a meaningful slice of those markets, especially given a rich IPO valuation target of $1.77 trillion. Simply funding these related efforts will be challenging, requiring the market's patience to underwrite a money-losing business at massive scale for years to come. SpaceX undeniably has a bright future. The company's rocket technology and track record are well ahead of the competition, as is its existing satellite network. But AI will be the company's key value driver over the long term. Investors can't just be excited about AI's potential. They must also be bullish on SpaceX's ability to execute and fund itself until it can realize positive free cash flow.
OpenAI and Anthropic face Wall Street's quarterly test
OpenAI, Anthropic and SpaceX are moving toward public markets at a moment when investor tolerance for merely strong AI growth appears to be narrowing. Their expected listings are not just fundraising events. They are a test of whether the most closely watched AI companies can convert private-market enthusiasm into public-market discipline. OpenAI has announced plans to go public, following Anthropic's confidential IPO filing last week. SpaceX, which includes Elon Musk's AI company xAI, is set to make its market debut on Friday. Together, the offerings could give investors the clearest view yet of AI's commercial momentum and may generate hundreds of billions of dollars in stock sales. The bigger change is governance by quarterly results. Companies that built their valuations in private markets will now face investors who expect evidence of rapid growth every reporting period. "Expectations that seem manageable in private markets can become relentless under the glare of public ownership," Nigel Green, CEO of deVere Group, told CNN. Why strong numbers may not be enough The recent reaction to Broadcom shows the risk. The company, which previously struck partnerships with OpenAI and Anthropic, reported 48% revenue growth for the second quarter and expected semiconductor growth of 180% compared with last year. Yet its shares fell more than 13% last week, their worst week since September 2024. That response matters because it suggests Wall Street is already applying a demanding standard to AI-linked companies. Chip stocks also fell late last week, the Nasdaq declined for three consecutive days, the S&P 500 had its worst day since October, and an ETF tracking memory chip stocks dropped 15%. "People want more," Bernstein analyst Stacy Rasgon said of chip stocks. "They always want more." The market will ask harder questions OpenAI and Anthropic have disclosed striking growth signals voluntarily. OpenAI said it raised $122 billion in March, lifting its valuation to $852 billion, and said it was generating $2 billion in monthly revenue, up from $1 billion per quarter previously. ChatGPT also became the fastest app to reach one billion users last month, according to Sensor Tower. Anthropic said its valuation rose from $380 billion in February to $965 billion in May. It also said it reached $47 billion in run-rate revenue, while Ramp data showed more businesses used Anthropic than OpenAI for the first time in May. Those figures will become only the opening argument. Public investors will likely press Sam Altman and Dario Amodei on infrastructure spending, model-release delays, future products and how new models become paid offerings. Product pivots, including OpenAI's decision to shutter Sora, may also draw more scrutiny. "Private investors can back a vision and wait years for results," Green said. "Public markets rarely offer that luxury."
SpaceX IPO (SPCX): Why this could be the biggest trading story of 2026 | FXStreet
When Alibaba went public in 2014, it rewrote the record books and dominated trading desks for months. When Saudi Aramco listed in 2019, it redefined what 'big' meant in equity markets. Both felt historic at the time. On June 12, 2026, SpaceX will make them both look like warm-up acts. This is not hype. This is not big. This is MEGA. And the numbers are no longer debatable. Size creates attention. SpaceX is targeting a raise of approximately $75 billion at a fixed IPO price of $135 per share, implying a valuation of up to $1.75 trillion. The previous record was Saudi Aramco's $29.4 billion raise in 2019; SpaceX is raising more than twice that in a single offering. But here is where it gets truly staggering: the IPO has reportedly attracted over $150 billion in investor demand, doubling the $75 billion it is actually seeking to raise. That level of oversubscription doesn't just signal enthusiasm. It signals a feeding frenzy. That alone would make the SpaceX IPO a historic capital markets event. But for traders, the story is bigger than size. SpaceX combines a rare mix of record-breaking fundraising, intense retail participation, limited tradable float, index-inclusion potential, governance debate and a business model that cuts across space, broadband, defence and artificial intelligence. This is not simply another large IPO. It is a deal large enough to reach institutional investors, retail brokers, passive funds, index committees and momentum traders at the same time. One ticker - Three radically different businesses Most IPOs are a single business in a box. SpaceX is three fundamentally different companies wearing the same jersey, and that complexity is where the trading opportunity lives. Three segments. Three completely different valuation frameworks. Three completely different risk profiles. That structural complexity alone guarantees months, possibly years of analyst disagreement, and disagreement is what creates volume. Starlink - The satellite internet arm generated over $11 billion in revenue in 2025 with over 30% operating margin. Subscriber count hit 10.3 million in 1Q2026, up 105% YoY. This is not a startup metric dressed up in a pitch deck. This is a high-margin infrastructure business growing like it's still pre-revenue. Falcon 9 / Starship - Arguably the most reliable and cost-efficient orbital rocket in history. SpaceX holds a near-monopoly in commercial heavy-lift. No competitor has meaningfully closed the gap. The moat is deep, the backlog is full, and the pricing power is real. The wildcard that either justifies everything or breaks everything. The most powerful rocket ever constructed, still burning through $3+ billion in annual R&D without a single dollar of commercial payload revenue to show for it yet. Potentially civilization-defining. Currently a cash furnace. xAI / AI Integration - The wildcard that wasn't even part of SpaceX six months ago. The February 2026 all-stock merger folded Musk's private AI company into SpaceX at a $1.25 trillion combined valuation, adding an entirely new dimension of business complexity and controversy to an already difficult-to-value company. The retail wildcard - Tesla on steroids A retail-heavy allocation combined with massive media attention creates the conditions for elevated volatility post-listing, the kind that traders and momentum players actively seek. Unlike any IPO before it, 30% of SpaceX's IPO is earmarked for retail traders. That's roughly three times the industry standard, where retail investors typically receive around 10% of shares. This is a deliberate strategy, mirroring Tesla's playbook of cultivating a passionate, mission-driven retail shareholder base. The implication for price action is significant. The controversy that's already trending Before a single share changes hands, the SpaceX IPO has already generated enough controversy to keep financial journalists busy for a year. And controversy, for traders, is fuel. Elon Musk will retain over 80% of voting control post-IPO despite owning more than 40% of the equity. His Class B shares carry 10 votes each. He simultaneously holds the titles of CEO, CTO, and Board Chairman, and crucially, he can only be removed from these roles with his own consent. Critics are already labelling the xAI merger, which folded Musk's private AI company into SpaceX for $1.25 trillion in an all-stock deal, as potential self-dealing. This is not a minor footnote. This is the kind of controversy that keeps a stock in the headlines for quarters or even longer than we can expect. Why this is a trader's IPO, not just an investor's IPO Most IPOs are investor events. Institutions take their allocations, retail gets the scraps, and the stock grinds quietly toward its first earnings report. SpaceX is a fundamentally different IPO. The combination of record-breaking size, $150 billion in demand, a 30% retail allocation, governance warfare, three structurally complex business segments, and a founder who is simultaneously the world's most polarising CEO creates all the conditions for sustained, high-velocity price discovery. There is no comparable precedent, and disagreement is where volume, volatility, and opportunity usually begin. Whether you're building a long position, hunting for a short setup, or simply positioning for the volatility itself, SpaceX will be the defining trading story of 2026. The question is not whether SpaceX will move violently. It will. The only question is whether you're ready when it does.
