Key Points
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The record-breaking SpaceX IPO demonstrates the massive investor appetite for dominant technology leaders entering the public market.
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Starlink’s consistent revenue and profitability provide SpaceX with greater financial agility compared to many high-growth tech IPOs.
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While Anthropic and OpenAI may see similar demand, investors must carefully evaluate their compute costs, profit margins, and valuations.
The initial public offering of Space Exploration Technologies (NASDAQ: SPCX) highlighted how rapidly capital can flow into a premier technology brand. The company set its IPO price at $135 per share, aiming to raise approximately $75 billion. Following the exercise of overwriter options, the total capital raised grew to roughly $85.7 billion.
The stock experienced a strong debut, opening at $150—an 11% premium over the IPO price—and eventually closed its first day of trading at $160.95, yielding nearly a 19% gain for early investors.
Image source: Getty Images.
Investor demand significantly outstripped supply, with interest reportedly exceeding $250 billion, dwarfing the company’s initial $75 billion target. As Anthropic and OpenAI prepare for their own potential market entries, SpaceX’s performance serves as a blueprint for what to expect from the next wave of mega-cap private tech companies.
SpaceX IPO Underpinned by Robust Fundamentals
SpaceX entered the public markets with significant scale, seeing revenues climb from $10.4 billion in 2023 to $14 billion in 2024, reaching $18.7 billion in 2025.
The company’s launch services continue to expand. By the end of Q1 2026, SpaceX had completed 650 rocket launches, transporting approximately 7,400 metric tons of satellites and spacecraft into orbit. In 2025 alone, the company executed 170 launches, moving 2,213 metric tons of payload.
Starlink has emerged as the primary engine for recurring revenue. By the end of the first quarter, Starlink boasted 10.3 million subscribers. SpaceX’s connectivity division, led by Starlink, generated $11.4 billion in revenue and $4.4 billion in operating income during 2025. This profitability affords SpaceX the liquidity necessary to fund ambitious projects like the Starship reusable rocket system, satellite-to-mobile connectivity, and AI infrastructure.
Furthermore, strategic moves such as the xAI deal and the $60 billion all-stock acquisition of Anysphere—the developer of the Cursor AI coding agent—have expanded SpaceX’s footprint into AI software and enterprise-grade AI tools.
Despite these successes, SpaceX remains a capital-intensive business that still faces profitability challenges and margin pressures driven by rapid growth. Consequently, current market valuations reflect a high premium based on the expectation of nearly flawless future execution.
Challenges Ahead for Anthropic and OpenAI
Both Anthropic and OpenAI have filed confidentially for U.S. IPOs. Reports suggest Anthropic has been valued at $965 billion, while OpenAI could potentially seek a valuation as high as $1 trillion.
While both entities possess powerful brands and rapid revenue trajectories, they face a unique set of hurdles. They must demonstrate the ability to manage massive compute expenses, maintain pricing power, retain enterprise clients, mitigate legal liabilities, and transform intensive AI usage into sustainable net profits.
SpaceX’s debut suggests that Anthropic and OpenAI could see significant price surges upon listing if demand remains high. However, this poses a risk to retail investors, as much of the early upside may have already been captured by private equity holders before the companies reach the public market.
Investors should look past the initial IPO hype and focus on the long-term durability of revenue, margin expansion, and realistic valuations.
