SpaceX prices its IPO at $135 per share after market close on June 11, selling roughly 556 million shares for a $75 billion raise — the largest IPO in market history, surpassing Saudi Aramco's 2019 listing. Trading begins Friday, June 12, on Nasdaq under the ticker SPCX, with up to 30% of the offering reserved for retail investors.
The xAI integration is what makes this an AI story. SpaceX merged with xAI in February 2026, and the combined entity is what's going public. The S-1 disclosed that xAI is projected to burn roughly $10 billion in 2026, while Starlink connectivity revenue — $3.26 billion in Q1, about 69% of total revenue — does most of the actual revenue heavy lifting.
For public-market investors this is a new kind of bundle: a profitable satellite internet business cross-subsidizing a frontier AI lab, both wrapped inside the largest IPO in history. The fixed-price roadshow approach — no price range, no demand testing through book-building — is unusual for an offering this size and signals that demand was strong enough not to need it.
For learners: when AI labs go public inside larger holding companies, the unit economics get harder to read. The metric to watch is segment-level reporting once SpaceX-xAI starts filing 10-Qs. How quickly xAI's compute and inference costs scale relative to Grok revenue will tell you more about frontier AI economics than any analyst note.