Wall Street Prepares for the Largest IPO in History as SpaceX Prices at $135 Tomorrow

$75 billion raised. $1.77 trillion valuation. $250 billion in demand. One company.

Wall Street has spent months preparing for this. SpaceX filed to raise $75 billion in an IPO that would value the company at $1.77 trillion, the largest initial public offering in history, surpassing Saudi Aramco’s $29 billion debut in 2019. SpaceX begins trading on Nasdaq on June 12, 2026, under the ticker SPCX, at a fixed offer price of $135 per share.

The book closed four times oversubscribed, drawing demand exceeding $250 billion from both institutional and retail investors. The scale of interest makes this more than a market event it is a structural reset for how Wall Street prices space, AI, and connectivity infrastructure together.

The Three Businesses Wall Street Is Actually Buying

SpaceX is not one company. It is three, and Wall Street is pricing all of them simultaneously.

• Connectivity (Starlink): Generated $11.4 billion in 2025 revenue, 61% of total company revenue, with 10.3 million subscribers as of Q1 2026 and $4.4 billion in operating profit. Starlink’s adjusted EBITDA surged 86% year-over-year between 2024 and 2025.
• Space (Rockets & Launches): SpaceX captured 83% of the global commercial satellite launch market in 2025, reducing per-launch costs by over 95% since inception. 
• AI (xAI + X platform): The AI segment generated $3.2 billion in revenue in 2025 but posted a $6.355 billion operating loss with $12.7 billion in capex, the highest of any segment.

The Contracted Revenue That Changes Everything

Google and Anthropic Are Already Paying

Two anchor contracts disclosed in the S-1 fundamentally reframe SpaceX’s revenue story. Google is paying approximately $920 million per month, roughly $30 billion through 2029, for Starlink bandwidth and AI computing services.

Anthropic has committed to approximately $1.25 billion per month for AI infrastructure access. Together, those two deals represent approximately $26 billion in annualised recurring revenue. That contracted cash flow base is what separates SpaceX from every other IPO Wall Street has processed this decade.

The Financials Behind the $1.77 Trillion Tag

SpaceX reported total 2025 revenue of $18.7 billion, up 33% year-over-year. Q1 2026 revenue reached $4.7 billion, growing 15% year-over-year. Total long-term debt as of March 2026 stands at $29.1 billion.

At $135 per share, SpaceX trades at approximately 94 times 2025 revenue of $18.674 billion and 266 times 2025 adjusted EBITDA of $6.584 billion. SpaceX lowered its valuation target from above $2 trillion to $1.8 trillion in late May after investor consultations, before finalizing at $1.77 trillion ahead of tonight’s pricing.

The xAI merger, completed on February 2, 2026, in an all-stock deal valuing xAI at $250 billion, adds the AI computing layer. But it also brought cumulative losses. Total accumulated losses now stand at $41.3 billion.

What Makes This IPO Structurally Different on Wall Street

SpaceX is allocating up to 30% of shares to retail investors, roughly three times the typical Wall Street norm. On a $75 billion raise, that translates to approximately $22.5 billion worth of shares available to individual investors at the IPO price. 

Five banks are leading the deal: Bank of America (BAC), Goldman Sachs (GS), JPMorgan Chase (JPM), Citigroup (C), and Morgan Stanley (MS). Morgan Stanley brought back veteran dealmaker Michael Grimes as chairman of investment banking specifically to handle this offering. Meanwhile, Wall Street is watching what comes next: Anthropic submitted a confidential SEC filing to start its own IPO clock, and OpenAI’s public offering is widely expected before year-end.

Final Thoughts

SpaceX estimates its total addressable market at $28.5 trillion: $370 billion in space, $1.6 trillion in connectivity, and $26.5 trillion in AI. Whether the market assigns any of that TAM at scale to a $1.77 trillion entry price is the debate that will play out on Nasdaq from June 12 onward.

Wall Street has been fixated on this debut for months, and tomorrow, the trading data begins to answer the only question that actually matters: what does the market think it is worth at the open? 

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.