SpaceX confirmed that it will price its IPO on Wednesday, June 11, with the stock code "SPCX" with a target valuation of US$1.75 trillion to US$2 trillion. It will be officially listed on Nasdaq on June 12. An underwriting group of 21 banks led by Goldman Sachs has entered the final 72 hours of countdown to the largest IPO in human history.
S-1 Core Data: Star Chain Cash Flow vs xAI Cash Drain
SpaceX's business model presents "two days of ice and fire":
| Business plate | 2025 data | core feature |
| Starlink | $11.4 billion in revenue,$4.4 billion in operating profit | Positive cash flow, 10.3 million users worldwide |
| launch services | Leading global commercial launch market | Falcon 9 + starship reuse technology |
| xAI | $14 billion in cash consumption | "Cash black hole" relies on IPO financing |
The profitability of Star Chain isThe core support for SpaceX's valuation-it is the only "AI-adjacent company" business with clear positive operating profits. But xAI's annual consumption of US$14 billion is a huge burden, and the primary purpose of IPO fundraising is to fill this gap.
"Musk Revenge ": Race against OpenAI's IPO
SpaceX's launch schedule is accurately misaligned with OpenAI:
SpaceX: Pricing on June 11, listing on June 12
OpenAI: Target IPO in September, underwritten by Goldman Sachs/Morgan Stanley
The two share core underwriters and are both deeply bound to Musk. ifSpaceX's successful pricing of $1.75 trillion will set a benchmark for OpenAI's trillion-dollar valuation; if SpaceX fails to perform as expected, OpenAI's IPO window will face tougher institutional investor scrutiny.
SpaceX's IPO is a landmark event in human business history. The $1.75 trillion valuation is not only a pricing for space infrastructure, but also a bet on the vision of "multi-planetary species." But investors need to answer a fundamental question: Can StarChain's cash flow support xAI's "cash black hole" until it becomes commercially viable? By bundling SpaceX and xAI, Musk is using the "Space Dream" to finance the "AI Dream"-a strategy that if successful, will create the most complex conglomerate in human history; if it fails, it may trigger a chain of valuation collapses. The pricing on June 11 will be the capital market's final vote on the "Musk narrative."