SpaceX's S-1 and the largest IPO in history — the $75B raise that re-prices the AI asset class
SpaceX filed its S-1 on May 20 targeting a $1.75-2 trillion valuation and a $75 billion raise. Listing as SPCX on Nasdaq, pricing as early as June 11-12, the deal would be the largest IPO ever — and it would set the comparable that re-prices the entire AI asset class through the next 18 months.
The size is the headline; the timing is the substance. spacex s1 filed may 20 largest ipo in history documents the S-1 mechanics, but the strategic read is that the post-xAI-merger SpaceX is bundling Starlink, the launch business, Optimus, FSD, Dojo, the Memphis Colossus, and the Grok model program into a single equity story that public-market investors have to price as one entity.
What the $1.75-2T target actually values
Starlink generated approximately $14B revenue in 2025, growing roughly 50% YoY — at typical SaaS multiples, the standalone business supports $200-400B valuation. The launch business has long been the cash cow; standalone valuation in the $100-200B range is defensible. The remaining $1+ trillion of the target valuation prices the AI businesses — Optimus + FSD + Dojo + Grok — at OpenAI-or-Anthropic comparable scale despite materially less commercial traction. The market will adjudicate whether that's the right multiple.
The capital absorption shock
$75B in a single IPO equals roughly two years of all AI startup funding combined. The public-market liquidity required to absorb that without dislocation is non-trivial. If the IPO prices at the top of range and trades well, the broader AI-asset-class IPO wave — anthropic 50b raise 900b valuation, OpenAI 2027 listing window, Perplexity, Databricks — gets a comparable that supports premium pricing across the board. If it prices below range or trades down, the wave compresses.
The compute-supply side ties in
anthropic spacex colossus 100k h100 compute deal may 6 demonstrates SpaceX is already monetizing AI infrastructure to direct competitors. The Colossus revenue line is what makes the AI-business valuation defensible — without third-party compute sales, the AI segment is mostly Optimus speculation. With Anthropic-class customers, it's a real infrastructure business with a real comparable to AWS AI revenue.
What to watch June 11-12
The pricing trajectory will set the floor for every subsequent AI IPO. Watch for: (1) whether the offering upsizes during book-building, (2) where it prices relative to the $1.75-2T range, (3) the institutional vs retail allocation split, and (4) day-one trading volume and price action. Any of those signals will move the entire AI-asset-class pricing curve.
AI Funding Tracker — AI IPO Tracker 2026 SpaceX OpenAI Anthropic Databricks → · TechJournal — SpaceX OpenAI and Anthropic IPOs the $3.7 trillion AI wave →