SpaceX/xAI begins trading on Nasdaq as SPCX tomorrow — $135 priced, $1.75T valuation officially the largest IPO trade in history opens for retail allocation
Following AM's pricing confirmation, SpaceX/xAI begins trading on Nasdaq under the ticker SPCX on June 12 at $135 per share — a $1.75 trillion valuation that makes it the largest IPO in market history by a factor of more than two relative to the prior Saudi Aramco record. The retail allocation through Robinhood, Fidelity, and Schwab goes live with the open. Combined entity bundles Starlink ($11.4B 2025 revenue, 63% EBITDA margin), Falcon 9/Starship launch services, and xAI ($6.36B 2025 operating loss).
The retail mechanics are the substantive piece. 30% retail allocation across three brokerages is the broadest direct-retail access to a Musk-controlled entity ever offered. Demand reportedly cleared $250B in subscription orders — a 3.5-4x oversubscription — which means the allocation algorithm at each broker becomes the bottleneck for individual investors. Robinhood is expected to use proportional allocation based on order size, Fidelity a lottery for retail tickets, Schwab a relationship-tiered model.
The valuation context resets every AI capital comparable. SpaceX/xAI at $1.75T is more than double Anthropic's $965B Series H valuation — the prior pure-play-AI ceiling — and the trade gives the public market a real-time anchor. Morningstar's $780B fair-value flag (citing xAI's $10B/year burn against Starlink's $3.26B Q1 connectivity revenue) is the bear case; the bull case treats Starlink as the cash flow with embedded xAI optionality, the model Microsoft and Google run internally. OpenAI's IPO within a year will be the first to test whether retail will allocate to AI capability without an infrastructure cash flow under it.
NPR — SpaceX is poised for blastoff with an IPO likely to break records → · TradingKey — SpaceX IPO Debuts at $135 at a $1.75 Trillion Valuation on June 12 → · Raseed Invest — SpaceX IPO (SPCX): Nasdaq Listing, $135 Price & Key Facts →