SpaceX made headlines when it went public on June 12, 2026, shattering records with an initial public offering that raised between $75 billion and $86 billion. This listing on Nasdaq under the ticker SPCX established it as the largest IPO in history. Its staggering valuation ranged from $1.75 trillion to $2 trillion, which has positioned Elon Musk as the world’s first trillionaire in U.S. dollars.
Just days after its IPO, SpaceX utilized approximately $60 billion of this newfound capital to acquire Cursor, an AI coding startup, revealing its strategic focus on artificial intelligence within its broader ambitions.
#How did SpaceX’s IPO perform in numbers?
SpaceX priced its initial shares at $135, opening at $150 and achieving a closing price around $160 on its first day, a rise of nearly 19%. This performance is striking for any IPO, especially one of such magnitude. Before the public offering, SpaceX was already valued at about $1.25 trillion during its last private funding round. Market cap estimates post-IPO have varied between $2.1 trillion and $2.5 trillion, placing it on par with tech giants such as Apple and Microsoft.
Despite generating approximately $18.67 billion in revenue in 2025, driven largely by its Starlink satellite internet service, SpaceX reported losses due to heavy investment in AI infrastructure. Furthermore, Elon Musk maintains a dual-class share structure that grants him significant voting control, thereby giving public investors economic rights without influencing the strategic direction of the company.
#Why did SpaceX invest in AI?
The acquisition of Cursor on June 16 marked SpaceX's second significant venture into artificial intelligence in a span of four months. Earlier, in February 2026, the company merged with xAI, Musk’s artificial intelligence initiative renowned for its Grok family of models. This merger has expanded SpaceX’s research capabilities in AI, granting access to proprietary language models and enhanced computational resources.
Cursor, which operates as one of the leading AI-driven code editors competing with platforms like GitHub Copilot, represents a substantial addition to SpaceX's repertoire. The $60 billion all-stock agreement underscores its ambition to position itself as a formidable player within the AI sector, competing with well-funded rivals such as OpenAI and Anthropic.
#What should investors consider about SpaceX?
It is crucial for investors to recognize the implications of SpaceX’s dual-class share structure. Musk’s control over a company valued at around $2 trillion could lead to swift strategic changes without shareholder consent. While SpaceX posted significant revenue, the losses attributed to AI investments indicate a future reliant on high-scale returns to justify its current valuation, especially if it wants to sustain its stock's triple-digit revenue multiples. Continued growth in subscriber numbers for Starlink will also be a key factor in satisfying investor expectations while navigating this transformative phase.