SpaceX Seeks $2.2T Valuation in Historic Nasdaq IPO
SpaceX, a rocket and spacecraft company, is planning to sell 555.6 million shares at $135 each under the ticker SPCX. The trading is likely to begin on Nasdaq as early as June 12, Friday. At this price the offering would value the company well above many traditional tech giants, and would be the largest share sale in history, about three times the size of Saudi Aramco’s record IPO in 2019.
Starlink Revenue Turns Profitable; Company Still Posting Losses
Starlink, SpaceX’s satellite internet arm, delivered roughly $11.4 billion in revenue last year and reported that the unit itself turned profitable. But the broader company remains in the red: SpaceX disclosed a net loss of $4.9 billion, which has been mainly driven by continued spending on the Starship heavy-launch program and large investments in artificial intelligence initiatives.
Big-Picture Forecasts diverge: Orbital AI Could be Huge or Even Risky
Ambitious forecasts for the future of “orbital AI” are already circulating. Mach33 Research ran simulations estimating that orbital compute and related services could become a $1 trillion-per-year market by 2040, a projection Elon Musk has publicly supported.
However, mainstream analysts are more cautious. Morningstar’s valuation pegs SpaceX’s long-term market opportunity at about $780 billion, warning that heavy execution risk and currently high valuation multiples could limit upside.
Retail Platforms Claim Early Access Paid Off
Crypto and retail trading platforms that offered pre-IPO tokens or tokenized exposure to SpaceX say their users benefited significantly. Gracy Chen, CEO of Bitget, posted on social media platform X today, June 10, 2026 and talked about a product called PreSPCX launched on the Bitget platform and said many retail users were able to get exposure to SpaceX at a $1.5 trillion implied valuation.
According to the claims, institutional entry happened around $1.7 trillion while the current market price at the time of writing sits at around $2.2 trillion, suggesting retail participants who accessed the tokenized offering got an early advantage.
Chen’s post explains why firms built these pre-IPO products: pre-IPO participation has traditionally been the preserve of venture capitalists, sovereign wealth funds, and investment banks. Tokenized structures backed by special purpose vehicles (SPVs) holding actual SpaceX shares, Bitget says its SPV held $61.5 million of underlying shares, aiming to broaden access.
Chen points to prior rollouts (PreSPCX, PreOPA) that reportedly returned 20-25% to users within one to two months as evidence the model worked.
Big Money and ETFs Pile In
Market veterans are watching demand closely. Tom Lee, a well-known strategist, claimed roughly $7 trillion sits on the sidelines waiting to be deployed, and suggested that the SpaceX IPO will not signal an end to the bull market. Lee noted subscription seems to be huge, with reports of the IPO being oversubscribed multiple times, and flagged that some ETF providers were already preparing leveraged products tied to SpaceX for day-one trading.
This mix of retail excitement, institutional demand, and ready-made ETF products could put large pools of capital behind the debut. But some market participants warn that heavy retail participation and complex tokenized offerings can blur where pricing power actually lies.
Why The Debate Matters
The SpaceX IPO touches on several broader trends. First, it highlights how private-market access is shifting. Tokenized SPVs and pre-IPO marketplaces aim to democratize access that was previously closed, but they raise questions about regulation, custody and transparency.
Second, it underscores the split between exciting long-term visions (orbital AI, profitable Starlink) and the near-term reality of big capital spending and losses. Investors must weigh the potential for huge new markets against the costs and technical risks of building rockets, satellites, and space-based infrastructure.
Finally, the IPO illustrates how retail trading and crypto-native platforms can influence pricing dynamics. If retail investors truly did get into SpaceX earlier at lower implied valuations, it could change how future late-stage private rounds and tokenized offerings are structured.
