Goldman Sachs projects that SpaceX's AI revenue will grow from $3.2 billion in 2025 to $322 billion in 2030, an increase of nearly 100 times. As the company moves forward with its Nasdaq listing, AI services, satellite connectivity, and computing infrastructure are becoming key valuation drivers in the market.
May list on Nasdaq in June
Reports indicate that SpaceX is expected to list on June 12th under the ticker symbol SPCX, with final pricing tentatively scheduled for June 11th. If the IPO proceeds as planned, the deal could raise a record amount of money for an IPO, and its market capitalization could surpass that of Tesla.
Retail investors are expanding their participation channels for this IPO, with different platforms having varying restrictions on the resale of IPO-allocated shares.
- Robinhood considers selling within 30 days as short-term speculation.
- Users may be restricted from participating in subsequent IPOs for 60 days as a result.
- SoFi sets longer restriction periods for multiple short-term sells.
Crypto platform launches relevant contracts ahead of schedule
Prior to its official listing, cryptocurrency exchanges had already begun offering trading products linked to SpaceX. Coinbase launched pre-IPO perpetual contracts for eligible users outside the United States, with SpaceX as the first underlying asset.
The contract settles in USDC, supports 24-hour trading, and has no expiration date. Coinbase stated that this type of product is designed to give users price exposure and participation in price discovery before a private company goes public. If SpaceX completes its IPO, the contract is expected to convert to a regular SpaceX perpetual contract.
Binance has also launched the SPCXUSDT perpetual contract denominated in USDT to track market expectations for SpaceX's pre-IPO valuation.
The prediction market is equally active. Polymarket traders give an 86% probability that SpaceX will be the largest IPO by market capitalization in 2026; another related market gives an 70% probability that its valuation will exceed $2 trillion.
Musk's stock holdings and Bitcoin positions are attracting attention.
Based on the proposed offering price, Musk's SpaceX shares are worth approximately $866.5 billion. After the IPO, he is expected to retain over 82% voting control. The filing also indicates that Musk may not sell his shares within 366 days of the IPO.
Financially, SpaceX's revenue last year was $18.67 billion, still lower than some large technology companies. Tesla's sales during the same period were close to $95 billion, and Meta's exceeded $200 billion. Goldman Sachs predicts that by 2030, SpaceX's total revenue will reach $474 billion, with AI business becoming the largest source of growth.
The documents also revealed that SpaceX purchased 18,712 bitcoins in 2022 at an average price of nearly $35,000 each and continues to hold this position. This information has further fueled the crypto market's attention on its IPO.
