"Once-in-a-Lifetime" IPO: SpaceX to Go Public with Trillion-Dollar Themes of Space Launch, Satellite Internet, and AI

On June 7, Shay Boloor, Chief Market Strategist at Futurum Equities, noted in a recent analysis that SpaceX’s upcoming IPO next week will be “one of the most significant public market events a trader will experience in their lifetime.” SpaceX isn’t just a rocket developer—it’s a super-infrastructure platform tied to trillion-dollar themes including space launches, global communications, and AI. Set to go public on June 12 under the ticker SPCX, SpaceX is targeting a $1.8 trillion valuation and a maximum fundraising of $750 billion, making it one of the largest IPOs in history. Boloor stated, “If you want to own the space sector’s category leader over the next decade, this is SpaceX. While its current valuation—based on roughly $20 billion in annualized revenue—seems outrageously high, the forward-looking logic is strong. Starlink is the core driver of that value: the satellite internet business is projected to generate $11.4 billion in revenue in 2025, a 50% year-over-year jump, with $4 billion in operating profit. It’s expected to hit 10.3 million subscribers (a doubling of current levels) by then, covering home, aviation, maritime, and direct-to-mobile use cases—acting as a clear, high-margin revenue compound engine. Starship, meanwhile, is SpaceX’s strategic ace: its reusability will drastically cut costs and unlock entirely new markets.” SpaceX outlined its three business segments in its S-1 filing: The Space/Launch division is forecast to bring in $4.1 billion in revenue in 2025, with 170 launches that year—accounting for a large chunk of global orbital payload capacity. Its AI/xAI segment is projected to hit $3.2 billion in 2025 revenue, but post a $6.4 billion operating loss, the biggest point of debate among investors. However, 75% of its first-quarter capital expenditures went to AI (roughly $7.5 billion), and Anthropic’s $45 billion deal has effectively turned xAI from a cash-burning venture into an AI infrastructure business with real, contracted demand. Boloor concluded that while SpaceX’s short-term valuation is very aggressive, its long-term bull case is robust, making it a solid pick as a core holding. On the trade.xyz Pre-IPO platform, SpaceX (SPCX) has seen $12.4 million in trading volume over the past 24 hours, with open interest of $59.11 million—up roughly 39% in that period. Shares are currently priced at $172.83, translating to an implied valuation of $2.05 trillion. When SPCX first started trading, the price was $150; based on a fully diluted share count of 11.87 billion, that puts its initial reference market value at $1.78 trillion.