SpaceX filed confidentially for its IPO on April 1, 2026, before making that filing public on May 20, 2026. SpaceX is one of three highly anticipated IPOs that are scheduled to happen this year, along with OpenAI and Anthropic, and the company plans to raise $75 billion at a valuation of $1.75 trillion.
The most important names on Wall Street: Goldman Sachs, Morgan Stanley and JP Morgan are the underwriters of this IPO that will start on June 12, but this does not mean that it is free from criticism, because Morningstar warns that SpaceX may be overvalued, saying that its valuation should not be more than $780 billion.
However, interest in SpaceX remains high, and even the IPO is blamed for draining capital from cryptocurrencies. Coinbase, Binance, and Hyperliquid have IPOs for this stockWith interest peaking, here are three ways investors should consider SpaceX before June 12.
SpaceX launches rockets, but Starlink pays the bills
VC Theory Ventures He says Starlink is SpaceX’s “largest and most profitable business,” the numbers showed on the S-1 IPO Confirm this.
In 2025, Starlink’s revenue was $11.4 billion, and this was 61% of the total revenue reported by SpaceX that year.
SpaceX also revealed its results for the first quarter of 2026, showing that all three of the company’s main segments: Starlink, space, and xAI, generated revenue, but only Starlink turned a profit.
Starlink generated revenue of $3.26 billion that quarter, and profits reached $1.19 billion. The space business posted an undisclosed loss, while xAI spent $2.47 billion more than it generated revenue.
Starlink’s business is so large that Ark Invest analyst Brett Winton says it alone can justify its $1.75 trillion valuation.
US telecommunications company AT&T is already feeling the heat of Starlink’s growth as Wall Street downgraded its stock, citing competition coming from Starlink.
So, before SpaceX’s IPO arrives on June 12, one should consider how much impact Starlink will have on earnings after the IPO.
SpaceX is multiple companies in one
The second thing to think about SpaceX before it goes public on June 12 is that it doesn’t fit into a single fund of telecom, technology or defense stocks, with investment research firm Morningstar. Contact It is a “vertically integrated conglomerate”.
The current makeup of Wall Street is that every company has one thing to bring to the table. When you buy Nvidia, you’re investing in AI, when you buy Palantir, you’re investing in defense, and when you buy Coinbase, you’re investing in cryptocurrencies.
But with SpaceX, that blanket rule doesn’t apply because SpaceX has defense contracts, it has toes in communications through Starlink, it deals with satellites, it’s a space company, and it’s also an artificial intelligence company through xAI, and that’s why An IPO attracts interest to other stocks.
Venture capital firm Theory Ventures describes it as SpaceX operating “three companies with radically different economics.”
Therefore, before this IPO happens, an investor should consider which part of the business they are most attracted to before they can buy SpaceX shares.
SpaceX is like an AI stock
One should also think of SpaceX as an AI stock because of XAI, which Goldman Sachs owns expected Its revenues will reach $322 billion by 2030.
The investment bank gave this forecast on June 4 and said that XAI will see a 100-fold increase in revenue in the next four years. It expects total revenue coming from SpaceX to reach $474 billion by 2030.
xAI’s $322 billion contribution to total revenue of $474 billion means Goldman Sachs believes it will be the part that justifies why SpaceX is valued at $1.75.
Strategy’s CEO noted that AI stocks have already seen $400 billion in inflows over the past six months, and this is likely to increase with the IPOs of SpaceX, Anthropic, and OpenAI, but SpaceX already has a first-mover advantage.
Final thoughts
SpaceX will offer 555.6 million shares on June 12 at $135. Even with a $1.75 trillion valuation facing competition from analysts who say it’s too high, SpaceX’s unique business model, Starlink’s profitability, and the 100x growth Goldman Sachs expects from xAI are attracting retail and institutional interest. Starlink will break the record for raising the most money from an IPO if it sells all 555.6 million shares and raises $75 billion.
