SpaceX is about to go public in what could be the largest initial public offering ever conducted. The company is targeting a raise of approximately $75 billion at $135 per share, which would value Elon Musk’s rocket company at roughly $1.77 trillion before it even starts trading.

Trading is set to begin on Nasdaq under the ticker SPCX on June 12, 2026. Institutional demand has reportedly oversubscribed the offering by more than four times, with order books closing by June 10. Pre-IPO perpetual futures are already pricing SpaceX shares at $162, suggesting traders expect a roughly 20% pop on the first day of trading.

The AI connection that’s driving the valuation

SpaceX isn’t just selling investors on rockets and Starlink broadband. A significant portion of the company’s valuation thesis now rests on AI-related projects, including plans for space-based data centers. That framing has clearly resonated with institutional buyers, given the massive oversubscription.

Anthropic and OpenAI are also reportedly preparing their own IPOs, creating a pipeline of AI-adjacent offerings that could collectively absorb enormous amounts of investor capital.

Bitcoin is already feeling the gravitational pull

Bitcoin dropped 15% in the lead-up to the SpaceX IPO, marking its largest weekly decline since November 2022. When a $75 billion equity offering hits the market, institutional investors and large allocators need to source funds from somewhere, and risk-on assets like Bitcoin tend to be the first things sold. If Anthropic and OpenAI follow SpaceX to market in the coming months, that rotation could intensify.

What this means for investors

A $1.77 trillion pre-trading valuation for a company partially justifying its price through orbital data centers requires an extraordinary amount of faith in future revenue streams. The 4x oversubscription suggests that faith exists in abundance right now. Bitcoin’s 15% decline ahead of the listing illustrates how quickly capital can exit digital assets when equity markets offer a compelling alternative. If SpaceX trades up 20% on its first day as futures markets suggest, expect the narrative around AI equities to grow even louder, potentially extending the pressure on crypto prices.