SpaceX

SpaceX publicly filed its S-1 with the SEC under proposed ticker SPCX on Nasdaq, four months after the April 1 confidential filing. Target valuation $1.75T base, up to $2T including greenshoe; planned raise up to roughly $75B (would top Aramco as the largest IPO ever). Roadshow week of June 8; pricing expected June 11; first trade June 12. Joint book-runners Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, J.P. Morgan; 21-bank syndicate. Dual-class structure leaves Musk with 85.1% voting power post-IPO (Class A = 1 vote, Class B = 10 votes). Staggered 180-day lockup; Musk exempt from early-release provisions. Up to 30% retail allocation.

Anthropic signed a deal to rent full capacity of SpaceX's Colossus 1 supercluster in Memphis (~220,000 Nvidia GPUs, 300 MW). Pays SpaceX $1.25B per month through May 2029 with reduced fees during the May to June 2026 ramp. Total contract value roughly $45B (about $15B per year run-rate). Surfaced publicly in SpaceX's S-1 filing on May 20, 2026 and was the largest known compute contract on record at the time.

SpaceX absorbed xAI in an all-stock merger valuing xAI at roughly $250B and SpaceX at roughly $1T pre-merger. Grok and X now sit inside a 'SpaceXAI' division within SpaceX. The combined entity's IPO-bound S-1 (filed May 20) consolidates xAI's losses with SpaceX's profitable Space and Connectivity segments. The merger is the operational backdrop for the IPO targeting $1.75T plus.

SpaceX completed a secondary tender offer at $421 per share, implying an $800B post-money valuation, roughly 2x the July 2025 $212/share tender at $400B. The tender lets insiders sell up to a capped amount before the planned 2026 IPO. Was the last pre-IPO private-market reference price.