SpaceX IPO XAI

The largest IPO in history prices tonight. And it is quietly an AI story.

SpaceX is pricing at $135 per share, raising $75 billion at a $1.75 trillion valuation. That more than doubles Saudi Aramco's 2019 record of $35.4 billion.

But look past the rockets. When SpaceX absorbed xAI in February, it took on a business that posted a $6.36 billion operating loss last year. That single segment flipped SpaceX from a $791 million profit in 2024 to a $4.94 billion net loss in 2025.

Here is why this matters: until now, frontier AI economics have lived inside private balance sheets. Starting Friday, when SPCX opens on Nasdaq, public markets get to price AI burn rates in real time. With OpenAI and Anthropic both confidentially filed, this IPO sets the benchmark for how investors value the trade-off between AI losses and AI potential.

The profitable Starlink business is effectively underwriting one of the most expensive AI bets in history. Whether markets reward that structure will tell us a lot about how the next wave of AI capital gets allocated.

How do you think public markets will treat AI losses when they are no longer hidden inside private valuations?