SpaceX’s long-awaited stock market debut is rapidly approaching, and investor interest is reaching extraordinary levels. Elon Musk’s company confidentially filed for its IPO on April 1, 2026, publicly released the filing on May 20, and is now targeting a market debut on June 12.
The company aims to raise $75 billion at a valuation of $1.75 trillion. Alongside OpenAI and Anthropic, SpaceX is considered one of the most anticipated public offerings of the year.
The IPO is being led by Wall Street giants Goldman Sachs, Morgan Stanley, and JPMorgan. However, the valuation remains highly controversial. Analysts at Morningstar argue that the company’s fair value should not exceed $780 billion—less than half of the proposed valuation.
Despite the criticism, demand for SpaceX shares continues to surge. Some analysts have even suggested that the IPO is drawing capital away from the cryptocurrency market. Pre-IPO exposure to SpaceX shares is already being offered by platforms such as Coinbase, Binance, and Hyperliquid.
Starlink Is the Real Profit Engine
Although most investors associate SpaceX with rockets and space missions, the company’s financial results tell a different story.
According to Theory Ventures, the most important part of the SpaceX empire is Starlink. Figures disclosed in the company’s S-1 filing confirm that the satellite internet business is now the backbone of SpaceX’s operations.
In 2025, Starlink generated $11.4 billion in revenue, accounting for 61% of SpaceX’s total revenue for the year.
First-quarter 2026 results showed that all three major business segments—Starlink, Space Operations, and xAI—generated revenue, but only Starlink delivered a profit.
The satellite internet division reported $3.26 billion in revenue and $1.19 billion in profit during the quarter. The space business remained unprofitable, although the exact loss was not disclosed. Meanwhile, xAI spent $2.47 billion more than it generated in revenue.
Ark Invest analyst Brett Winton has even argued that Starlink alone could justify SpaceX’s $1.75 trillion valuation.
The impact of Starlink’s rapid expansion is already being felt across the telecommunications sector. Wall Street recently downgraded AT&T, citing increasing competitive pressure from Musk’s satellite network.
SpaceX Doesn't Fit Into a Single Category
The second reason for the intense investor interest is the company’s unique structure.
Morningstar describes SpaceX as a vertically integrated conglomerate. In other words, it combines several major industries under a single corporate umbrella.
While buying Nvidia is largely viewed as an investment in artificial intelligence, Palantir represents defense technology, and Coinbase provides exposure to cryptocurrencies, SpaceX spans all of these sectors simultaneously.
The company secures defense contracts from the U.S. government, operates the Starlink telecommunications network, develops satellite technologies, runs space exploration operations, and maintains a major presence in artificial intelligence through xAI.
Theory Ventures describes SpaceX as managing three separate businesses with fundamentally different economic models.
This combination of industries is one of the primary reasons why the IPO is attracting attention from technology, defense, telecommunications, and AI investors at the same time.
xAI Could Become the Company's Biggest Growth Driver
The third major factor investors are watching closely is artificial intelligence.
On June 4, Goldman Sachs released a forecast projecting that xAI could generate $322 billion in annual revenue by 2030.
The investment bank expects xAI’s revenue to increase one hundredfold over the next four years. It also forecasts that total SpaceX revenue could reach approximately $474 billion by 2030.
If xAI ultimately contributes $322 billion of the projected $474 billion in total revenue, it would account for more than two-thirds of the company’s future business.
This is why many analysts increasingly view SpaceX not only as a space or telecommunications company but also as one of the largest AI investment opportunities in the market.
The broader trend on Wall Street supports this view. Michael Saylor recently noted that AI-focused stocks have attracted approximately $400 billion in capital inflows over the past six months. Many analysts believe that the IPOs of SpaceX, OpenAI, and Anthropic could accelerate this trend even further.
The Biggest IPO of the Year?
SpaceX plans to offer 555.6 million shares at a price of $135 each when it goes public on June 12. If fully subscribed, the company will raise $75 billion in fresh capital.
Although the proposed $1.75 trillion valuation remains controversial and many analysts consider it excessive, the combination of Starlink’s profitability, xAI’s explosive growth potential, and SpaceX’s unique position within the space industry has made it one of the most closely watched investment opportunities of 2026.
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