To The Moon

The IPO of the Century Is Coming: SpaceX Targets June 12 Listing — Which Stocks Could Benefit?

SpaceX, Elon Musk's commercial space leader, has reportedly accelerated its IPO timetable. The company may file its prospectus as early as May 21, begin its global roadshow on June 4, and list on Nasdaq as early as June 12. The IPO could raise $80 billion or more, with a potential valuation of $1.75 trillion to $2 trillion, which would make it one of the largest IPOs in capital-market history. 

The proceeds are expected to support two strategic priorities: accelerating large-scale regular launches of the next-generation Starship program, and building a low-Earth-orbit space data-center network.

Recent Major Developments

Capital Strategy: Institutional Support and a Stock Split to Lower the Retail Entry Barrier

SpaceX has notified shareholders by email that it will carry out a 5-for-1 stock split, lowering the fair market value per share from $526.59 to about $105.32. The move is intended to reduce the entry threshold and attract more retail participation. 

Musk has also addressed concerns about executive selling by stating on X that he will not sell any SpaceX shares. This matters for assessing potential IPO selling pressure and helps reduce investor concerns about major shareholder exits.

Major institutions may also participate. BlackRock is reportedly considering an investment of $5 billion to $10 billion in the SpaceX offering. The final investment size will depend on IPO pricing and other terms. If completed, this would represent an unusually large single IPO allocation in recent decades.

Business Expansion: xAI Compute and Big Tech Participation

One key focus of the IPO is SpaceX's broader business map. SpaceX has reportedly incorporated Musk's AI company xAI into its business framework. The prospectus may disclose deeper financial details of the combined structure, which could become an important basis for Wall Street to evaluate a valuation of up to $2 trillion. 

Alphabet is also reportedly in advanced talks with SpaceX to send orbital data-center equipment into space via Starship. This signals that AI computing power may be moving from ground-based data centers toward low-Earth orbit.  

Hardware Catalyst: Starship V3's First Upgraded Flight

SpaceX's new Starship V3 architecture is preparing for its 12th flight test, scheduled for May 19 at 5:30 p.m. Central Time from Starbase in Texas. Ahead of the prospectus release, this flight is being viewed as a major showcase. The V3 version includes major upgrades, including the new Raptor 3 engine, improved thrust and thermal management, redesigned Super Heavy booster, upgraded Starship upper stage, and changes to Launch Pad 2. These upgrades are designed to support rapid full reusability, orbital refueling, and future crewed Mars missions. 

This will be the first launch after a major Starship upgrade. SpaceX now faces growing pressure to prove that the hardware can support NASA's Artemis program.

Related Opportunities

Large listings often mark the beginning of industry reshuffling. SpaceX's push toward the largest IPO in history could become a major catalyst for space and AI-related stocks. Several related names have already performed strongly since earlier discussions of the SpaceX listing:

Musk's Controlled Ecosystem

$Tesla (TSLA.US)$ and SpaceX are the “twin stars” of Musk's business empire. Musk has previously hinted at a plan called GalaxyMind, designed to integrate the core capabilities of SpaceX, Tesla, and xAI to deploy solar-powered AI satellites into deep space.

The division of labor is clear:

SpaceX would provide mature rocket-launch and spacecraft-manufacturing capabilities to deploy AI satellites into deep-space orbits.

Tesla would contribute its solar and battery technology to provide efficient and long-lasting energy solutions for satellites.

xAI would develop advanced AI models capable of running at scale on satellites.

Core Competitors

As SpaceX's valuation rises, its competitors may benefit from higher sector attention. However, over the medium to long term, some of these companies may lose scarcity value. If SpaceX lists, capital could rotate out of stocks such as RKLB and ASTS and into SpaceX itself.

$Rocket Lab (RKLB.US)$ is widely viewed as a “mini SpaceX” and is one of the few private commercial space companies capable of regular, high-frequency successful launches. Its Electron rocket has established a strong reliability record, while its space-systems business has transformed the company into an end-to-end provider covering satellite manufacturing, software, and launch services. Its reusable medium-lift Neutron rocket is seen as a key challenger to SpaceX's Falcon 9 dominance.

$AST SpaceMobile (ASTS.US)$ is viewed as a leader in the “space-based cellular broadband” and direct-to-device satellite communication market. Its goal is to build the world's first space-based cellular broadband network, using large low-Earth-orbit satellites as “cell towers in space” so ordinary smartphones can connect directly to satellite signals without hardware changes or special equipment. Despite intense competition from Starlink, its partnerships with AT&T, Verizon, Vodafone, and Google, as well as its patent barriers, make it one of the purest and most volatile public-market plays on eliminating mobile coverage dead zones.

$Firefly Aerospace (FLY.US)$ is seen as a strong challenger in commercial space after SpaceX and Rocket Lab. Its Alpha rocket has successfully reached orbit and gained attention in U.S. Department of Defense tactical space missions. Firefly also has a higher-barrier Earth-Moon ecosystem through its Blue Ghost lunar lander, which has NASA commercial payload contracts. The company is also working with Northrop Grumman to develop a medium-lift launch vehicle to fill a market gap.

Partners

A SpaceX listing could be positive for partners because a larger cash base would strengthen SpaceX's ability to execute contracts.

$EchoStar (SATS.US)$ is tied to SpaceX through spectrum assets. In September 2025, SpaceX acquired EchoStar's AWS-4 and H-band spectrum licenses for satellite and mobile communications. The transaction included up to $8.5 billion in cash and $8.5 billion in SpaceX stock. At a roughly $400 billion SpaceX valuation at the time, that equity portion represented about 2% of SpaceX. SpaceX also agreed to cover about $2 billion of EchoStar's debt interest through November 2027.

$Planet Labs PBC (PL.US)$ has a long and deep “passenger-and-driver” relationship with SpaceX. Planet operates one of the world's largest Earth-observation satellite constellations. Because these satellites have relatively short lifespans of around three to five years, they require frequent replacement and replenishment. Planet is one of SpaceX's most loyal commercial launch customers, and its business continuity depends heavily on SpaceX's launch reliability.

$Amazon (AMZN.US)$ has a more dramatic relationship with SpaceX. As the parent of Blue Origin, Amazon has long been viewed as one of SpaceX's major competitors in commercial space. However, because Blue Origin's New Glenn rocket development has faced delays, Amazon shifted strategy in 2025 and commissioned SpaceX to launch 24 Kuiper satellites.

Starlink-Related Names

$T-Mobile US (TMUS.US)$ is one of Starlink's most important commercial partners and implementation leaders. T-Mobile is the key telecom partner for SpaceX's direct-to-cell service. Their “Coverage Above and Beyond” agreement is built around one major breakthrough: users do not need to change phones. By using T-Mobile's existing 5G spectrum, Starlink satellites can function as “cell towers in space.” This helps T-Mobile solve ground-network dead zones and gives SpaceX a path from niche broadband into mass-market telecom.

$Qualcomm (QCOM.US)$ is a foundational technology enabler connecting terrestrial and satellite communications. If T-Mobile provides the “road” through spectrum and customers, Qualcomm provides the “engine” through chips. As a global communications-chip leader, Qualcomm is working with SpaceX to optimize 5G NTN standards. SpaceX needs Qualcomm's modem and RF front-end technology to ensure future smartphones can efficiently and power-efficiently receive satellite signals. Qualcomm is a key hardware enabler for making satellite connectivity a standard smartphone feature.

$flyExclusive (FLYX.US)$ has announced an authorized reseller agreement with Starlink, becoming an approved reseller and installation service provider for Starlink's high-speed, low-latency aviation connectivity systems.

Investment Companies

$Alphabet-A (GOOGL.US)$ and $Bank of America (BAC.US)$ are also relevant. Google is one of SpaceX's most important early strategic shareholders, reportedly holding around 7%, and the two companies have deep ties in cloud and edge computing. Bank of America has participated in SpaceX financing.

If SpaceX lists, Alphabet could see a major asset revaluation. Its early investment could multiply many times in value and improve reported investment gains. For Bank of America, the IPO could generate large underwriting fees and reduce debt-risk exposure.

$Destiny Tech100 (DXYZ.US)$ , $Entrepreneur Private-Public Crossover ETF (XOVR.US)$ , and $Fundrise Innovation Fund (VCX.US)$ are indirect channels for individual investors to gain exposure to SpaceX in the secondary market before a listing. Their business model is to hold scarce private-company equity and sell that access to retail investors at a premium.

If SpaceX lists, these vehicles may face valuation pressure. They may rally on pre-IPO hype, but once SpaceX becomes directly tradable, investors may no longer be willing to pay a large premium for indirect exposure. DXYZ, for example, could see sharp volatility if its premium compresses back toward net asset value and its scarcity value disappears.

High Valuation, High Risk

Despite strong market enthusiasm, SpaceX's IPO is not without controversy. A historically high valuation means the market may already be pricing in a significant portion of future growth. At the same time, Starship — the key pillar for dramatically reducing commercial space costs and driving future revenue growth — remains in an intensive testing and iteration phase.

Conclusion

SpaceX's push toward a public listing is not just a capital-market event. It could mark the moment when commercial space moves from a science-fiction concept into a profit-realization phase. For investors, this historic IPO could be a rare opportunity, but also a major test of judgment. As space-based computing networks and direct-to-cell technologies move closer to reality, the market is no longer betting only on rocket manufacturing. It is increasingly betting on a new layer of infrastructure for the next generation.

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