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SpaceX priced its IPO at $135/share on June 11, began trading on NASDAQ on June 12, and rose 19% on its first day to close at $160.95, making it the sixth-largest company by market cap at approximately $1.8 trillion. [8][9] SpaceX's SEC filings frame AI as the dominant component of a projected $28.5 trillion total addressable market. [12] Anthropic filed a confidential S-1 on June 1 at a ~$965 billion valuation [18] and OpenAI filed its own on June 8 [21]; one report now suggests OpenAI is targeting 2027 rather than late 2026 for its actual offering. [23] S&P Dow Jones Indices rejected rule changes on June 4 that would have waived GAAP profitability requirements, keeping all three companies out of the S&P 500 until they show sustained earnings. [1]

SpaceX's 19% first-day gain reframes the $135 IPO price as conservative rather than weak — the closing price of $160.95 exceeded the $151.27 pre-IPO Hiive secondary-market level, [8][7] giving Anthropic and OpenAI a more optimistic comparable than the IPO pricing alone suggested. A reported OpenAI delay to 2027 and the still-unresolved S&P 500 profitability bar mean passive funds remain sidelined from all three companies.

S&P Dow Jones Indices announced on June 4, 2026 that it would not change its S&P 500 eligibility rules, rejecting proposals that would have waived the GAAP profitability requirement and shortened the seasoning window for newly listed companies. [1][2] The proposals had drawn criticism because SpaceX does not meet the standard of positive earnings in the most recent quarter and cumulatively over the prior four quarters. [3][4] Passive-investor advocates warned the proposed changes would coerce roughly $30 trillion in retirement funds into buying speculative IPO exposure; the S&P committee sided with them. [5] Nasdaq reportedly shortened its own seasoning window to 15 days and Russell/FTSE to five days, leaving unresolved which index pathway matters most for post-IPO passive-fund inclusion of AI companies. [6]

SpaceX priced its IPO at $135 per share on June 11 — below the $151.27 at which shares were trading on the Hiive secondary market [7] — and began trading on NASDAQ on June 12, rising more than 19% to close at $160.95. [8] That first-day close exceeded the pre-IPO secondary-market price, reversing the apparent institutional discount at pricing. SpaceX immediately became the sixth-largest company by market cap at approximately $1.8 trillion, and Elon Musk's personal stake was valued at more than $700 billion on paper. [8][9] Crypto perpetual contracts on platforms like Hyperliquid had priced SpaceX at roughly $162–165 ahead of the listing, and the IPO order book was reportedly approximately four times oversubscribed. [10][11] The perp contracts fell roughly 27% when the IPO priced at $135, [11] but the first-day close brought the stock back near the levels those derivative markets had anticipated.

SpaceX's investor story leans heavily on AI. Its SEC filings project a total addressable market of $28.5 trillion, with AI accounting for nearly all of it. [12] A separate passage describes a $5.7 trillion near-term market across space, internet, mobile, AI, and advertising. [13] Gwynne Shotwell gave CNBC what was described as a detailed explanation of SpaceX's AI strategy distinct from its launch operations, while observers noted that many investors still process the company primarily as a rocket business. [14] Sequoia partner Shaun Maguire, a prominent SpaceX bull, centered his public investment thesis on Starlink's revenue growth from zero in late 2019. [15] SpaceX's S-1 also disclosed a compute arrangement with Anthropic and Google totaling roughly $26 billion per year. [16][17]

Two AI lab IPO processes run behind SpaceX. Anthropic filed a confidential S-1 on June 1 at a $965 billion valuation with annualized revenues tracking toward $45 billion, [18][19] but drew enterprise backlash over a Fable 5 data retention policy reversal. [20] OpenAI filed its own confidential S-1 on June 8, with Goldman Sachs and Morgan Stanley advising, and stated that an actual offering 'may be a while' away. [21][22] One report from June 10 indicates OpenAI is now expected to go public in 2027, delaying from a previously discussed September 2026 target. [23] Polymarket contracts placed the odds of an OpenAI IPO completing by December 31, 2026 at 71% as of June 9, [24] a figure that may not yet reflect any timeline shift. Perplexity CEO Aravind Srinivas separately confirmed a 2028 IPO target and described himself as agnostic about the Anthropic and OpenAI filings. [25][26]