SpaceX's $2 Trillion IPO Brings AI to the Nasdaq: Rockets, xAI, Cursor, and the Biggest Listing in History
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The roadshow kicks off around June 4. If the timeline holds, ticker SPCX will light up the Nasdaq by June 12, making SpaceX the largest IPO in stock market history. Saudi Aramco's $29 billion record? Obliterated.
SpaceX IPO: the numbers behind the SPCX listing
SpaceX is targeting a valuation between $1.75 trillion and $2 trillion, aiming to raise up to $75 billion. The S-1 filed on May 20 with the SEC shows $18.7 billion in 2025 revenue, up 33% year-on-year, alongside a $4.9 billion net loss driven largely by AI investments.
Starlink is the only profitable segment: $11.4 billion in revenue and $4.4 billion in operating profit last year. The space division and xAI, meanwhile, are burning cash at a pace that would make most CFOs flinch.
xAI, Cursor, and Anthropic: AI as SpaceX's growth story
Since the xAI merger in February 2026, SpaceX is no longer just a rocket company. The AI division houses Grok, the Colossus supercomputer, and the X social network. Anthropic is paying $1.25 billion per month for Colossus 1 compute access in Memphis, a deal worth over $40 billion through 2029.
Then there's Cursor. SpaceX secured a $60 billion acquisition option on the AI code editor, set to close roughly 30 days post-IPO. With GitHub Copilot and Claude Code dominating the developer tools space, Musk needs Cursor to compete.
Musk keeps 85% voting power, investors get the ride
A dual-class share structure gives Elon Musk 85% of voting power. Public investors buying Class A shares get one vote per share; insiders hold Class B shares worth ten votes each. You're along for the ride, not steering the ship.
Some analysts are already drawing 1999 parallels as AI mega-IPOs line up. SpaceX itself warns in the prospectus it may never reach profitability. Yet Polymarket gives a 72% chance the closing market cap lands above $2 trillion.
AI hits Wall Street, for real this time
With Cerebras already public, SpaceX next, and OpenAI eyeing a fall listing, 2026 is the year AI companies stop being private unicorns and start being publicly scrutinized corporations. Whether these trillion-dollar bets pay off is anyone's guess, but the era of AI as a public-market asset class starts now.