IPO Mania: SpaceX Prints $75B Before Lunch

SpaceX sold $75 billion of stock in a single morning and still left people begging for more.

Story Snapshot

SpaceX priced 555.6 million shares at $135, raising $75 billion in the largest IPO ever ^[3].
The implied valuation near $1.75–$1.77 trillion rests on rapid growth, not current profits ^[3]^[1].
Starlink’s reported size and profits anchor the bull case, while losses and lockups worry skeptics ^[1].
Claims about huge artificial intelligence contracts excite investors but lack primary proof so far ^[1].

The record pricing that set the tone

Bloomberg reported that SpaceX priced its initial public offering at $135 per share, selling 555.6 million shares to raise $75 billion and set a record for the biggest debut in history ^[3]. That price implied a valuation around $1.75 trillion to $1.77 trillion, more than double the Saudi Aramco listing that once defined the ceiling for mega-deals ^[3]. This scale is not just bragging rights. It creates a powerful scarcity story, and that story can pull money off the sidelines fast.

BitMEX’s guide says investors placed more than $250 billion in orders ahead of the deal, showing demand that swamped supply by a wide margin ^[1]. Order books like that fuel day-one fireworks and support a premium. But demand does not answer the core question: how much cash will SpaceX produce soon? That is where bulls point to segment strength, while skeptics point to current losses and the steep price tag.

What the business looks like today

The same BitMEX-linked breakdown cites SpaceX’s 2025 revenue at about $18.7 billion, with Starlink at $11.4 billion, or roughly 61 percent of the total ^[1]. The segment write-up also puts Starlink’s 2025 profit near $4.42 billion, which frames it as the cash engine of the company right now ^[1]. If accurate, that helps explain the premium. A large and growing satellite internet business can justify bold plans, from launch cadence to new services that ride on top of the network.

The companywide picture is less rosy. The Warrior Trading summary of the regulatory materials, cited by BitMEX, says SpaceX lost about $4.9 billion in 2025 and has cumulated losses north of $37 billion since inception ^[1]. That gap between valuation and profits is the heart of the skeptic case. The report also says the artificial intelligence segment produced $3.2 billion in revenue but lost $6.36 billion, which means any payoff there sits in the future, not the present ^[1]. That demands patience, discipline, and proof.

The artificial intelligence promise and the proof problem

Trading commentary tied to the BitMEX guide claims large artificial intelligence contracts with Anthropic and Google could add about $27 billion over 12 months ^[1]. If real and cleanly recognized, that would move the needle. But the available materials do not show the signed agreements, revenue schedules, or counterparty confirmations ^[1]. Without primary documents, investors should treat those figures as expectations, not bankable cash. Common sense says wait for receipts before paying for results.

This is huge — and perfectly timed, since today, June 12, 2026, is SpaceX’s first day of trading. Here’s everything you need to know:

The Historic IPO

SpaceX priced its IPO at $135 per share, raising $75 billion — the largest initial public offering in stock market history,…

— Jason S (@jasonjhsim) June 12, 2026

Supporters frame SpaceX as a diversified growth platform that spans rockets, Starlink, Mars goals, and artificial intelligence data centers in space ^[4]. That narrative holds real appeal and lines up with American conservative values on innovation, private enterprise, and national strength. Still, markets reward cash, not slogans. The most durable path is clear segment reporting, contract detail, and a glide path from bold capex to free cash flow. The story gets cheaper or richer as that data lands.

Valuation risk, index effects, and the supply clock

Morningstar’s lower valuation near $780 billion, reported in network coverage, gives skeptics a concrete anchor below the IPO price ^[4]. That kind of anchor can weigh on sentiment after the novelty wears off. The BitMEX guide also warns of a large locked-up share pool that could start to hit the market about six months after the debut, which can pressure price even if the business delivers ^[1]. Big floats and unlocks test conviction when early momentum fades and reality sets in.

Media and social buzz linked to a record listing can blur judgment. Bloomberg leaned into the “biggest ever” frame and the wealth story around Elon Musk, which can crowd out sober review in the short run ^[3]. That hype can also combine with index-rule buying if SpaceX enters major benchmarks, a force that looks like faith but is mechanical ^[4]. None of this makes the company weaker. It just means some demand is time-bound and not a verdict on long-term value.

How to watch the next 90 to 180 days

Three updates will likely decide whether the premium holds. First, the full filing trail and any audited segment notes that confirm Starlink profits, artificial intelligence losses, and customer concentration ^[1]. Second, hard evidence of the Anthropic and Google deals, including revenue timing and termination risk ^[1]. Third, clarity on float growth and unlock timing that shows how much stock could hit the tape when. Markets can cheer a vision. They only fund it at scale when the numbers march in line.