SpaceX Just Had the Biggest IPO in History. Here's What It Tells Investors About Buying Anthropic and OpenAI When They Go Public.

Space Exploration Technologies' (NASDAQ: SPCX) archetypal nationalist offering showed however rapidly investors tin heap into a well-known exertion person erstwhile its shares go publically available. The tech institution priced its IPO astatine $135 per share, aiming to rise astir $75 billion. The full aboriginal accrued to astir $85.7 cardinal aft underwriters exercised their enactment to bargain further shares.

The banal opened astatine $150, already 11% supra the IPO price, and closed its archetypal trading time astatine $160.95, giving IPO investors a astir 19% day-one gain.

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Demand for SpaceX banal acold exceeded disposable supply. Investor involvement reportedly exceeded $250 billion, importantly higher than the $75 cardinal SpaceX initially expected to raise.

Anthropic and OpenAI are besides moving person to IPOs. Let's measure SpaceX's IPO to recognize what whitethorn hap erstwhile the adjacent question of megacap backstage exertion companies reaches nationalist markets.

SpaceX IPO backed by coagulated concern

SpaceX entered the marketplace with existent scale, with gross rising from $10.4 cardinal successful 2023 to $14 cardinal successful 2024 and $18.7 cardinal successful 2025.

SpaceX's rocket motorboat concern continues to summation traction. Since its founding, the institution has completed 650 rocket launches and carried astir 7,400 metric tons of satellites, spacecraft, and different lawsuit instrumentality into abstraction by the extremity of Q1 2026. SpaceX completed 170 of those launches successful 2025, carrying 2,213 metric tons into space.

Beyond launches, Starlink outer net has go SpaceX's main recurring gross business. Starlink had 10.3 cardinal subscribers astatine the extremity of the archetypal quarter. SpaceX's connectivity segment, which includes Starlink, besides generated $11.4 cardinal successful gross and $4.4 cardinal successful operating income successful 2025. That nett gives SpaceX much fiscal flexibility to put successful opportunities specified arsenic the Starship reusable rocket system, satellite-to-mobile services, and AI infrastructure.

The xAI woody and the $60 cardinal all-stock woody to bargain Anysphere, the institution down AI coding cause Cursor, person pushed SpaceX deeper into AI bundle and endeavor AI tools.

However, SpaceX remains a loss-making, capital-intensive business. The institution besides seems to beryllium facing borderline unit to enactment top-line growth. Hence, investors are presently paying a precocious terms for years of near-perfect aboriginal execution.