Labs

SpaceX prices SPCX
IPO at $1.77
trillion, eclipsing Aramco
as biggest ever

Elon Musk's rocket-and-AI conglomerate set $135 per share ahead of its Nasdaq debut, with Goldman leading a deal more than three times the size of Alibaba's record U.S. listing — and with xAI's compute, Starlink, and a pending $60 billion Cursor acquisition all riding along.

By Casey Vanderhoof Frontier labs correspondent · June 12, 2026

SpaceX priced its IPO at $135 per share Thursday evening, valuing Elon Musk’s merged rocket-satellite-AI conglomerate at $1.77 trillion ahead of its Nasdaq debut today under the ticker SPCX. According to Bloomberg, the listing is the largest in history, more than triple the size of Alibaba’s record U.S. offering, and it’ll force every fund tracking the Nasdaq-100 and other major benchmarks to add the stock, with recent rule changes accelerating inclusion.

Goldman Sachs sits lead left, followed by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase. Retail allocations are being routed through Charles Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley’s E-Trade, with up to 5% of the offering reserved under a directed share program for “certain employees and persons.” Musk emerges from the deal holding more than 82% of the voting control.

The structural story isn’t the price. It’s what’s inside the ticker.

In February, SpaceX was valued at $1.25 trillion after absorbing xAI, which had already absorbed X. The prospectus now describes a company that’s, simultaneously, a launch provider, a satellite ISP with roughly 10,000 Starlink birds in orbit, an FCC applicant for up to 1 million more, and what CNBC characterizes as a “neocloud” renting xAI’s Colossus 1 compute in Memphis to Anthropic. SpaceX told the SEC it expects to begin deploying data centers in space “as early as 2028.” Last month it struck a $60 billion all-stock acquisition of Cursor, with a $1.5 billion termination fee and an $8.5 billion deferred services fee if the deal collapses.

That’s five businesses in one S-1, and the index funds get all of them whether they want them or not.

The retail choreography is worth watching against precedent. Robinhood’s own 2021 IPO targeted 20% to 35% retail allocation, landed at the low end, and fell 8% on debut. SPCX’s 5% directed-share carveout is narrower, more selective, and structurally closer to an institutional event with a retail garnish, the inverse of the 2021 playbook.

Around it, the AI-IPO queue is forming. Anthropic, the Colossus 1 tenant, confidentially filed its own prospectus Monday. Bloomberg reported yesterday that OpenAI is weighing significant token-price cuts if Anthropic prints first. The capital-markets calendar and the model-pricing calendar are now the same calendar.

What SPCX really lists is the thesis that compute, orbit, and code belong on one balance sheet, and that index investors will own the bundle by default. Musk keeps the votes. Everyone else gets the exposure.

Sources