SpaceX goes public in blockbuster Wall Street debut

SpaceX is preparing for its initial public offering (IPO), set to sell 556 million shares at $135 each, which could make it the largest IPO in history. The company confirmed the pricing on Thursday, with shares expected to begin trading later in the day under the ticker SPCX on Nasdaq and Nasdaq Texas. The exact trading time will depend on coordination between banks and brokerage firms to stabilize demand and set an opening price, potentially differing from the $135 target. SpaceX’s business operates across three main segments, though only Starlink, its satellite-based internet service, is profitable, generating over $11 billion in revenue last year—61% of its total revenue. The rocket and space exploration division, while not yet profitable, brought in $4 billion in revenue last year and remains the market leader. Meanwhile, its artificial intelligence division, xAI, lost $6.4 billion in 2025 on just $3.2 billion in revenue, facing stiff competition from OpenAI and Anthropic. The company has significantly increased its focus on AI, with capital expenditures for AI surpassing $12 billion in 2025, outpacing spending on space and connectivity. Analysts at Oppenheimer project AI spending will exceed $49 billion this year, reflecting SpaceX’s ambition to become a major player in the AI boom. After the IPO, Elon Musk is expected to integrate Tesla into SpaceX, further consolidating his control over companies centered on AI and robotics. Trading for SpaceX shares will follow standard IPO procedures, with banks acting as stabilization agents to manage volatility and ensure a smooth debut. The stock will close at 4 p.m. ET alongside the broader market once trading begins. The IPO’s success will depend on investor demand, which could push the opening price above or below the $135 target.