One of the biggest stock market events ever is just days away. Shares of Elon Musk-owned SpaceX are sscheduled tio begin trading on the Nasdaq on June 12. The company is set to sell 555.6 million shares at $135 each. As the company prepares to enter public markets, a key question has emerged: Will SpaceX stock soar after its debut, or will it follow the path of many other blockbuster IPOs that struggled during their first year of trading?
The Spacex IPO is expected to raise approximately $75 billion and give the company an implied valuation of roughly $1.77 trillion, making it the largest IPO ever completed.The scale of the transaction has generated intense interest across financial markets. Yet the attention surrounding SpaceX extends well beyond the size of the offering. The company operates across three fast-growing businesses: rocket launches, satellite-based internet services and artificial intelligence.
Those businesses have transformed SpaceX from a private aerospace company founded in 2002 into one of the world’s most closely watched technology and industrial firms.
The biggest IPO ever is about to arrive
According to roadshow materials shared by SpaceX, the company plans to offer 555.6 million shares in a fully primary offering priced at $135 per share. The transaction is expected to raise about $75 billion and value the company at approximately $1.77 trillion.
The shares are expected to trade under the ticker ‘SPCX’ on Nasdaq. The company has also included a 15% over-allotment option as part of the deal. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan are serving as lead underwriters. The company expects pricing on June 11 ahead of its public debut. Proceeds from the offering are intended to fund expansion of AI computing infrastructure, launch facilities and vehicles, satellite constellation growth and other corporate purposes.
The size of the transaction places SpaceX in a category occupied by only a handful of companies in modern market history.
SpaceX has built businesses across rockets, satellites and AI
Founded by Elon Musk in 2002, SpaceX first gained global attention through its launch business.
In 2008, it became the first private company to successfully send a liquid-fueled rocket into orbit. Since then, it has established itself as the dominant player in commercial space launches.
Last year, the company completed 165 launches, more than any other launch provider. Since its founding, SpaceX has completed roughly 650 launches and today accounts for more than 80% of global mass sent into orbit since 2023, according to company figures.
A major reason for that growth has been rocket reusability. More than 95% of SpaceX missions in 2025 used one or more reused boosters. The company’s Falcon 9 rocket dramatically reduced launch costs compared with historical industry averages, while Falcon Heavy lowered costs even further.
The next chapter centers on Starship, SpaceX’s fully reusable launch system. Company materials show Starship has completed 12 test flights and is expected to begin orbital payload delivery during the second half of 2026. SpaceX believes the vehicle will eventually carry more than 100 metric tons per launch and significantly reduce launch costs.
The launch business remains the foundation that supports the company’s broader ambitions.
Starlink has become a major revenue engine
While rockets established the SpaceX brand, Starlink has become one of the company’s most important businesses.
The satellite internet service now serves approximately 10.3 million subscribers across 164 countries and territories. SpaceX says the network consists of more than 9,600 satellites, representing roughly three-quarters of all active maneuverable satellites currently in orbit.
The company estimates Starlink coverage reaches more than 3.3 billion people worldwide. During 2025 alone, SpaceX deployed more than 3,000 satellites.
The network continues to expand through new products and services. Starlink Mobile, designed to provide direct satellite connectivity to mobile devices, currently reaches roughly 1.9 billion people through partnerships with mobile network operators.
Financially, Starlink has become a significant contributor to the company. The business generated more than $7.1 billion in adjusted EBITDA last year, making it one of the strongest revenue-producing segments inside the SpaceX portfolio.
AI ambitions have added another layer to the story
Artificial intelligence has become another major part of the SpaceX story.
The company’s roadshow presentation describes an AI operation built around computing infrastructure, the Grok AI model and the X platform. SpaceX says it operates approximately one gigawatt of compute capacity and has developed what it calls the world’s largest coherent supercomputer.
The company is also pursuing plans involving orbital computing infrastructure, an initiative that would combine its launch capabilities, satellite network and AI operations.
Those ambitions have required substantial spending.
SpaceX reported revenue of approximately $18.7 billion in 2025, up from $14 billion in 2024 and $10.4 billion in 2023. At the same time, capital expenditures climbed to $20.7 billion as the company invested heavily in launch infrastructure, satellite deployment and AI computing capacity.
The company reported a net loss of $4.9 billion in 2025, reflecting the scale of those investments.
Musk’s long-term objectives have added another dimension to the SpaceX story. Alongside expansion of launch and connectivity businesses, the company has discussed future plans involving AI compute satellites, lunar operations and eventual Mars-related activities.
What history says about mega IPOs
The size of the SpaceX offering has naturally drawn comparisons with some of the largest IPOs in U.S. history.
The historical record shows that many of those offerings produced negative returns during their first year as publicly traded companies.
Among the 10 largest U.S. IPOs, eight recorded declines during their first 12 months on the stock market.
| Stock | IPO Date | First 12-Month Return |
| Alibaba | Sept. 2014 | -30% |
| Meta Platforms | May 2012 | -31% |
| Uber Technologies | May 2019 | -21% |
| AT&T Wireless | April 2000 | -3% |
| Rivian | Nov. 2021 | -67% |
| Didi Global | June 2021 | -79% |
| United Parcel Service | Nov. 1999 | -15% |
| Coupang | March 2021 | -65% |
| Enel | Oct. 1999 | 1% |
| Arm Holdings | Sept. 2023 | 189% |
Source: Reuters and Stansberry Research
The figures show that many of the largest public offerings delivered negative returns during their first year of trading despite entering the market with substantial attention and strong growth expectations.
There have also been notable exceptions.
Arm Holdings gained 189% during its first year as a public company, making it one of the strongest performers among major IPOs.
More recent technology listings have also generated sizable gains shortly after debuting. AI chip company Cerebras Systems rose 68% on its first day of trading, while AI cloud infrastructure provider CoreWeave gained more than 300% during its first few months on the market.
Will SpaceX soar or fall flat?
So, considering this, will SpaceX’s stock soar or fall flat?
The historical record does not point in a single direction. Among the largest IPOs ever completed in the United States, most posted losses during their first year on public markets. At the same time, several technology companies delivered substantial gains shortly after their debuts.
SpaceX enters the market with a launch business that completed 165 missions last year, a satellite internet network serving more than 10 million subscribers and an AI operation that the company continues to expand aggressively. It is also entering public markets at a valuation of approximately $1.77 trillion through what is expected to be the largest IPO ever completed.
That combination makes the company’s market debut one of the most closely watched public offerings in recent memory. Once trading begins, SpaceX will join a small group of companies whose IPOs became defining moments for financial markets, with its performance set to be measured against both the company’s own ambitions and the long history of blockbuster listings that came before it.
Disclaimer: The specific pricing, listing dates, valuation figures, and historical mega-IPO return data discussed in this report are for informational purposes only and do not constitute an offer, solicitation, or recommendation to buy, sell, or subscribe to the upcoming SpaceX public offering. Cross-border investments by Indian retail investors involve distinct operational mechanics, including Liberalised Remittance Scheme (LRS) limits, foreign exchange conversion costs, currency volatility, and unique international tax implications. Because investing in newly listed, high-growth technology and aerospace entities carries elevated risk and price volatility, readers are strongly advised to consult a SEBI-registered investment advisor or a qualified financial professional to assess their risk appetite before allocating capital to overseas equities.
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