SpaceX Launches Record IPO and Pivots to AI Infrastructure

Space Exploration Technologies Corp. executed the largest initial public offering in financial history on June 12, 2026, raising approximately $85.7 billion. Listing on the Nasdaq under the ticker SPCX at $135 per share, the stock surged to a peak of $225.64 on June 16, briefly pushing the company's market capitalization toward $3 trillion and making founder Elon Musk the world's first trillionaire. However, the stock experienced volatility in late June, declining to around $154-$161 as investors engaged in profit-taking and expressed concerns over a high price-to-sales ratio.

Strategically, SpaceX repositioned itself as an AI company, integrating xAI and X into a conglomerate and acquiring AI coding startup Anysphere (creator of Cursor) for $60 billion in an all-stock deal. To monetize its compute capacity, the company pivoted to a neocloud model, securing massive contracts with Anthropic, Alphabet, and Reflection AI to rent access to its Colossus data centers. Future plans include deploying solar-powered orbital data centers by 2028 via the Starship rocket to bypass terrestrial energy constraints.

Despite a reported net loss of $4.9 billion in 2025, Starlink remains a primary revenue driver, generating $11.4 billion that year. To further fuel its AI ambitions and refinance a $20 billion bridge loan used for the xAI acquisition, SpaceX issued $25 billion in investment-grade bonds on June 23. The company remains subject to a staggered lockup schedule for insiders, though Musk is restricted from selling shares for 366 days.