SpaceX and its groundbreaking IPO rocked Wall Street.
Over the years, SpaceX has consistently been regarded as one of the most prominent symbols of American technology – a company that launches rockets, develops a global satellite internet network, and pursues the ambition of sending humans to Mars. Now, billionaire Elon Musk's company is preparing for its biggest test yet: the public stock market.
According to filings recently submitted to US regulators, SpaceX plans to launch its initial public offering (IPO) on the Nasdaq under the ticker symbol SPCX. This IPO is expected to involve a number of major financial institutions such as Goldman Sachs, Morgan Stanley, and Bank of America as underwriters.
Although the exact size of the offering has not been officially announced, many sources from the banking sector indicate that SpaceX aims to raise approximately $75 billion. If this figure is achieved, it would be the largest IPO in the history of the global financial market, far surpassing previous high-profile IPOs such as those of Saudi Aramco or Alibaba.
Investors are closely monitoring the offering's timeline, with the initial public offering (IPO) expected to begin in early June and the first trading session potentially as early as June 12th. Experts believe that, if successful, this would not only be a major milestone for the space industry but could also become a crucial test for global technology capital flows.
Elon Musk's company is now preparing for its biggest test yet: the public stock market. Photo: Getty
After years of raising capital only in the private market, SpaceX has finally officially filed for an IPO, paving the way for an initial public offering. For Wall Street, this is more than just a commercial rocket launch company going public. The appeal of the deal lies in the fact that SpaceX is building a complex technology model, combining the Starlink satellite internet infrastructure with the global AI race.
Professor Shaun Davies, a financial expert at the University of Colorado Boulder, said: "When you think about what SpaceX is all about, it's no longer just commercial space transportation. You're also getting access to the AI race, as well as the already hugely successful Starlink network. So it's interesting because it's almost a gamble on AI, the internet, and commercial space travel all at once. The market's reaction to that will be very interesting to watch."
With a target of raising around $75 billion and a rumored valuation ranging from $1.75 to over $2 trillion, SpaceX could instantly become one of the world's most valuable companies. This excitement comes at a time when Wall Street is lacking mega-deals in technology IPOs after years of sluggish market activity.
Professor Shaun Davies, a financial expert at the University of Colorado Boulder, commented: "SpaceX will play a role in setting the temperature for subsequent IPOs in the market. If this deal goes smoothly, it could open the door for many unlisted companies to begin accessing the public market. And that would be good news for investors who have already invested in these businesses, private equity funds, and venture capital funds. Because then they will have more capital to reinvest in the Silicon Valley ecosystem, or internationally. There will be more money to invest in venture projects if this IPO is successful."
Investment bankers expect SpaceX to be able to reactivate the technology IPO market, paving the way for other major AI companies like OpenAI or Anthropic to go public in the near future.
Individual investors are caught up in the SpaceX craze.
The hype surrounding SpaceX's IPO is not only impacting large financial institutions but is also spreading to individual investors. However, experts are quickly issuing cautionary warnings for small-scale investors.
Immediately after the IPO announcement, private equity funds holding SpaceX shares saw significant gains in their first trading session; for example, the DXYZ fund recorded a gain of over 13%.
The report states that individual investors can place orders to buy SpaceX shares through popular online trading platforms such as Robinhood or E*Trade.
However, many market strategists warn that excessive euphoria on the first day of trading could push the stock price to a valuation range of $2.5 to $3 trillion – significantly higher than initially anticipated.
This huge price difference can cause many individual investors to buy at the peak price before the stock cools down again.
The risks behind the trillion-dollar dream.
Analysts advise investors to keep a cool head because the IPO filing reveals that SpaceX has a rather complex financial structure with many business segments still incurring significant losses.
In 2025, the corporation achieved impressive consolidated revenue of $18.7 billion. However, this was accompanied by an operating loss of $2.6 billion, and this trend continued into the early months of this year.
The company's biggest bright spot and main cash cow is its Starlink satellite internet network, which generated $4.4 billion in operating profit last year. However, this is not enough to offset other incredibly costly business segments, particularly its AI technology division, which lost $6.4 billion.
Furthermore, the IPO filing also shows that Elon Musk will continue to maintain near-absolute control over SpaceX after going public, holding approximately 85% of the voting rights in the company. This means that public shareholders will have very little ability to influence SpaceX's strategic decisions in the future.
All of these factors are causing many investors to feel uneasy and begin to question: Behind billionaire Elon Musk's trillion-dollar tech dream, what is real growth, and what expectations are being pushed too far?
SpaceX's documents reveal that the company is no longer just a rocket launch or satellite internet business. Following a series of recent expansions, SpaceX is gradually expanding into AI, data, and large-scale computing infrastructure – areas that require massive investments and very long payback periods.
However, this rapid expansion has also sparked controversy regarding financial efficiency and risk management. Financial pressure is expected to increase further following the merger with Elon Musk's xAI technology company earlier this year.
SpaceX is being seen not just as a space company, but as a technology empire combining AI, data, and satellite internet. Photo: BI.
Dennis Dick, Head of Markets at AJ Bell Asset Management, stated: "A valuation of $1.75 trillion would place SpaceX at approximately 67 times its annual revenue, many times higher than Nvidia's. This indicates that SpaceX's current valuation is significantly inflated compared to market standards. There is still relatively little information available about SpaceX's financial situation due to the company's previous private ownership structure, with billionaire Elon Musk holding absolute control."
According to many analysts, this is also the point where the market is beginning to draw parallels between the current atmosphere and the dot-com bubble of the late 1990s – when expectations for the future drove technology valuations up too quickly.
To ease the cost pressure on AI infrastructure, Elon Musk has recently expanded commercial agreements on computing power with many major technology partners. However, experts still believe that the risk of significant volatility after an IPO is unavoidable.
Dennis Dick, Chief Market Strategist at Stock Trader Network, commented: "In my opinion, investors should patiently wait for the market to cool down. A common mistake among individual investors is rushing into trades on the first day due to excessive excitement from media hype, leading to the risk of buying at the peak. The key to this is to allow the stock time to correct to a more reasonable price range. Therefore, my recommendation is not to buy during the first trading session."
Analysts believe that the success or failure of this deal will likely become the biggest test for the US technology market this year. Behind SpaceX's stock is not just the story of rockets or Mars ambitions, but also the question: How much is the market still willing to pay for future technological expectations?
Source: https://vtv.vn/canh-bac-nghin-ty-usd-ipo-spacex-100260525101455765.htm
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