SpaceX’s (SPCX) long-awaited stock market debut has finally arrived, and judging by the demand, investors have been waiting with their wallets wide open. The company is set to begin trading today after what could become the biggest IPO in Wall Street history. SpaceX plans to sell roughly $75 billion worth of shares, but demand has reportedly blown far past that number. From institutional investors and sovereign wealth funds to family offices and everyday retail traders, nearly everyone seems eager to get a piece of Elon Musk’s aerospace and AI powerhouse.
Retail investors alone reportedly submitted orders totaling more than $70 billion, while large institutions piled on with massive bids of their own. One family office is said to have requested more than $1 billion in stock. That kind of demand suggests there may not be nearly enough shares to satisfy everyone, setting the stage for a potentially explosive first day of trading.
More Top Stocks Daily: Go behind Wall Street’s hottest headlines with Barchart’s Active Investor newsletter.
And then there’s BlackRock (BLK), the world’s largest asset manager, which submitted one of the biggest orders in the offering, requesting at least $5 billion worth of SpaceX shares, according to The Wall Street Journal. Other major money managers reportedly placed similarly large bids, underscoring the huge amount of institutional confidence in the company’s future.
The enthusiasm is particularly noteworthy because SpaceX is not a typical IPO story. The company remains unprofitable, and much of its roughly $1.77 trillion valuation is tied to expectations surrounding its fast-growing artificial intelligence business and other future initiatives. Unlike most companies going public, Musk set its IPO price at $135 per share from the start, rather than changing it as orders came in.
Even concerns about corporate governance, Musk’s continued control of the company, geopolitical tensions in the Middle East around the U.S.-Iran war, and broader market volatility have done little to cool investor appetite.
With demand far outpacing supply and some of Wall Street’s biggest names fighting for an allocation, investors see something special in SpaceX. Let’s take a closer look at the company and the factors that could drive its next chapter of growth.
About SpaceX
Founded in 2002 and headquartered in Starbase, Texas, SpaceX has grown into one of the world’s leading space and technology companies. It designs, builds, launches, and operates reusable rockets, spacecraft, and satellite networks. Through Starlink, it provides high-speed internet services worldwide, while its Falcon, Dragon, and Starship programs support commercial and government missions. The company is also rapidly expanding into AI through Grok, X, and related AI infrastructure, creating a broad platform spanning space, connectivity, and artificial intelligence.
A Snapshot of SpaceX’s Financials and Recent Developments
SpaceX’s latest financials tell a story of a company that’s spending aggressively to build for the future rather than maximize profits today. For the quarter ended March 31, 2026, SpaceX generated $4.7 billion in revenue, up 15.4% year-over-year (YOY). Growth was fueled by a larger Starlink subscriber base and rising demand for AI products, including X and Grok subscriptions. Those gains were partly offset by slower growth in the Space segment due to fewer launch missions and the timing of government contract work.
However, the spending was enormous. Operating loss widened to $1.94 billion, while net loss reached $4.3 billion. Even so, the company generated $1.1 billion in adjusted EBITDA during the quarter. The biggest driver of those losses was investment. SpaceX spent $7.7 billion on its AI business in the first quarter alone, dwarfing the $1.33 billion invested in Connectivity and the $1.05 billion invested in the Space segment.
The same pattern was in 2025. SpaceX generated $18.7 billion in revenue and $6.58 billion in adjusted EBITDA, but reported a $2.6 billion operating loss and a $4.9 billion net loss. Capital spending reached extraordinary levels, including $12.7 billion for AI infrastructure, $4.18 billion for Connectivity, and $3.8 billion for its Space business.
The company is bleeding money because it is spending at a breathtaking pace to expand its AI computing footprint, scale Starlink, and strengthen its space operations – all in pursuit of much larger opportunities down the road.
Beyond the Numbers
One of the biggest takeaways from SpaceX’s S-1 filing was how the company now talks about itself. Rather than focusing solely on rockets, satellites, or launch services, SpaceX increasingly positioned itself as an AI infrastructure provider aiming to serve the exploding demand for artificial intelligence. And unlike many companies that simply add “AI” to their pitch decks, SpaceX is already landing major customers.
The clearest example is a newly disclosed agreement with Alphabet's (GOOG) (GOOGL) Google. Beginning in late 2026, Google is expected to pay roughly $920 million per month for access to SpaceX's AI computing capacity, including about 110,000 Nvidia (NVDA) GPUs and related infrastructure. That translates to more than $11 billion in annual revenue.
Google isn't alone. SpaceX also has a major AI infrastructure deal with Anthropic. Together, the two agreements are expected to generate about $26 billion in annual revenue and more than $70 billion over the life of the contracts if executed as planned. To put that into perspective, those two AI deals alone could eventually produce more revenue than SpaceX generated across its entire business in 2025.
Perhaps the most telling detail is the identity of the customer. Google is already one of the world’s largest builders of AI infrastructure. Yet demand for its Gemini platform appears to be growing so quickly that it's turning to SpaceX for additional computing power. That's not a sign of excess capacity. It's an indicator that the AI boom is creating demand faster than even the industry's biggest players can handle.
Another interesting detail from the filing is SpaceX's Bitcoin holdings. Alongside its AI and space businesses, the company also owns 18,712 Bitcoin, a stake worth well over $1 billion. That adds another growth asset to the mix for investors lining up to buy shares.
And, it casts BlackRock’s reported $5 billion order into a different light. The asset-management giant is not just gaining exposure to AI infrastructure and Starlink, but it is also indirectly gaining exposure to one of the world's largest cryptocurrencies through SpaceX’s balance sheet. So if SpaceX eventually joins major stock indexes, that Bitcoin exposure could quietly make its way into countless index funds and ETFs, giving many investors crypto exposure without them even realizing it.
What Are Analysts Projecting About SpaceX
While investors were flooding the IPO order book, Wall Street analysts were busy making their own bets on where SpaceX could go next, and they are thinking far beyond today’s market debut. The common theme among the early research notes is that SpaceX should not be viewed as just another space company. Instead, analysts see a business sitting at the intersection of some of the market’s biggest growth themes – AI, cloud computing, communications, and next-gen infrastructure.
Oppenheimer’s Timothy Horan believes that combination gives SpaceX a unique edge. He launched coverage with an “Outperform” rating and a $190 price target, arguing that few companies have assembled the capital, technology, engineering talent, manufacturing capabilities, and AI resources needed to compete at the same scale. In his view, SpaceX is building an ecosystem that could eventually stretch from Earth-based networks to data centers operating in space.
New Street Research’s Pierre Ferragu is also betting on a massive growth runway. His projections envision SpaceX generating nearly $195 billion in annual revenue by 2030, powered primarily by Starlink and AI-related opportunities. That outlook supports his $165 price target, but his most optimistic scenario goes much further. If SpaceX successfully executes on its long-term ambitions, Ferragu believes the stock could eventually climb to $330 a share, potentially placing the company among the most valuable businesses on the planet.
Final Thoughts on SpaceX
SpaceX’s market debut is shaping up to be one of the most closely watched IPOs in history. Demand has far exceeded the number of shares available, meaning many investors are likely to receive only a fraction of what they requested. That supply-demand imbalance could create strong momentum once trading begins.
Of course, questions remain around valuation, governance, and whether SpaceX can turn its massive investments into profits. But for now, investors are eager to own a piece of SpaceX, and the battle for shares has only just begun.
On the date of publication, Sristi Suman Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
Iran Ceasefire and a $1,250 Price Target: How to Play Micron Stock Here SpaceX Stock Starts Trading Today. BlackRock Already Gobbled Up $5 Billion in SPCX Shares. McDonald’s Is Letting AI Take Your Orders Again. A Million Orders Later, the Results Look Promising. From Underperform to Buy. Here Is Why BofA Just Changed Its Mind on INTC.