SpaceX to list on Nasdaq as early as 6/12, with a valuation of $1.75 trillion challenging the largest IPO in history

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SpaceX is reportedly set to list on Nasdaq under the ticker SPCX as early as June 12, 2026, aiming to raise approximately $75 billion with a valuation of $1.75 trillion, which would make it the largest IPO in history. (Context: Behind the $95 billion market cap of Cerebras's listing, the "Trump Jr. Fund" participated in two rounds of financing.) (Background: Crypto IPO freeze: Consensys, Ledger, and Kraken have all put their listing plans on hold.) Reuters revealed that SpaceX plans to list on Nasdaq under the ticker SPCX on June 12, 2026, moving up the original late-June schedule. SpaceX, Nasdaq, and the SEC have yet to respond to requests for comment. According to insiders, after SpaceX completed its merger with xAI this February, the market valued the company at $1.25 trillion. This figure was already staggering at the time, pushing SpaceX's valuation past most S&P 500 companies. Three months later, that figure has been rewritten to $1.75 trillion, an increase of over 40%. In other words, the market has added $500 billion in value to SpaceX's equity out of thin air during this period. From a capital logic perspective, there are several drivers behind these numbers: First, after the merger between SpaceX and xAI, Musk integrated AI computing infrastructure and rocket manufacturing capabilities into a single legal entity, allowing the market to value it using valuation multiples for both "space companies" and "AI companies." Second, SpaceX's Starlink satellite network has generated actual commercial revenue on a global scale, moving beyond mere conceptual narratives. Third, U.S. government defense and space contracts provide SpaceX with a predictable cash flow base, mitigating the revenue visibility issues that are typically the hardest to address during traditional IPO valuations. Traditionally, the choice between Nasdaq and the NYSE for large tech IPOs depends heavily on the exchanges' lobbying efforts and listing fee structures. However, SpaceX has a specific technical reason for choosing Nasdaq: the "Fast Entry" rule introduced by Nasdaq last year. "Fast Entry" refers to a mechanism that allows qualifying new listings to be fast-tracked for inclusion in the Nasdaq 100 (NDX). Simply put, it bypasses the traditional quarterly review process, allowing companies to enter the automatic buy lists of passive funds much faster. What does this mean for SpaceX? Funds tracking the Nasdaq 100 manage over $300 billion in assets globally, with the Invesco QQQ ETF alone holding approximately $240 billion. Once SPCX is included, these funds must passively buy the stock proportionally, creating guaranteed demand. SpaceX choosing Nasdaq is not just about selecting a listing venue; it is about choosing a fast track to systemic passive capital. A successful listing is only the first step; forcing hundreds of billions of dollars in index funds to become shareholders is the endgame. A valuation of $1.75 trillion surpasses the vast majority of names on the current list of public company market caps. Saudi Aramco listed in 2019 with a valuation of approximately $1.7 trillion, which was once the largest in history. If SpaceX successfully prices at this level, it will officially surpass Aramco's record. However, one point must be clearly contrasted: Aramco's listing was backed by oil revenue and sovereign credit; SpaceX is backed by satellite networks, rocket manufacturing, AI computing power, and the premium associated with the name Musk himself. The valuation bases for the two are vastly different; the market's willingness to provide similar figures represents a pricing of "future possibilities" rather than "current cash flow." There have been precedents for this type of pricing in the past. The question has never been "is the number big enough," but rather "how long can the story last." A $75 billion fundraising target means SpaceX will receive enough ammunition in a single day to cover the capital expenditures of most tech companies for five years. Musk has yet to disclose how this money will be used, so let's wait and see.

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