The largest IPO in global history will be listed today! How will SpaceX (SPCX.US) create a "super valuation storm" in the space, telecommunications, and AI industries?

On June 12, 2026, the largest IPO in history will officially debut on Nasdaq. SpaceX will be traded under the code SPCX, with an issuing price locked at $135 per share, corresponding to a market valuation close to $1.8 trillion and a fundraising scale of up to $750 billion. Based on this market valuation, Elon Musk's technology giant will surpass Tesla, Inc. (TSLA.US) and enter the top ten list of US stock companies by market value. However, the significance of this "century IPO" goes far beyond the scope of a company going public. SpaceX is not only a space launch service provider and a satellite communication operator, but is also accelerating its transformation into a leading artificial intelligence (AI) enterprise. Its public listing is reshaping the valuation logic of space stocks, telecom stocks, and AI stocks in unprecedented ways. Space stocks face pressure on valuation benchmarks The core view of the market intelligence platform AgentSmyth is: "A publicly listed SpaceX will not validate the valuations of its peers, but become their benchmark." In the days leading up to the IPO, many space concept stocks have already risen sharply, but their valuation levels are significantly higher than SpaceX, raising concerns in the market about the risk of a pullback. For example, as of the last trading day before SpaceX's IPO, the stock prices of AST SpaceMobile (ASTS.US) and Rocket Lab (RKLB.US) had soared by approximately 170% and 320% in the past 12 months, respectively. Currently, AST SpaceMobile's trading price is approximately 80 times the expected revenue for the next 12 months, while Rocket Lab is close to 60 times. In comparison, SpaceX's valuation of around $1.8 trillion corresponds to a market-to-sales ratio of around 35 times. If the market does not give SpaceX a higher premium multiple after its listing, the above-mentioned companies may face the risk of valuation derating. In addition to valuation, there is also accumulation of risks at the market structure level. Data shows that the short positions of individual stocks such as Intuitive Machines (LUNR.US), Redwire (RDW.US), and AST are all around 20%, about 3 to 4 times the average level of short positions in the Russell 1000 index components. This high concentration of short positions makes these stocks vulnerable to a short squeeze. If SpaceX's first day of listing exceeds expectations, driving the entire space sector to soar, the closing out of short positions by shorts could further boost stock prices, leading to severe short-term volatility in both directions. Satellite communications challenge telecom giants SpaceX's Starlink business is gradually entering the communications field. Oppenheimer recently released a report stating that Starlink is expected to have a substantial impact on the $1.6 trillion US communications industry. Oppenheimer has revised upwards its expectations for SpaceX's space business revenue to $800 billion by 2035, compared to $500 billion previously, and also raised its 2030 estimates for US Starlink broadband users from 10 million to 15 million. The institution predicts that Starlink services will be deeply embedded in key applications, with low user churn rates and strong pricing power. In addition to providing communication services, Oppenheimer also believes SpaceX may enter the mobile device market and could potentially disrupt the smartphone industry. Despite intense competition in the US telecom market, SpaceX's other advantages and the potential for synergy with Tesla, Inc.'s business provide strong support for the prospects of Starlink. SpaceX's leading position in the aerospace field will bring growth opportunities that Verizon (VZ.US), AT&T (T.US), and T-Mobile (TMUS.US) cannot reach, and Starlink will continue to capture market share from traditional industry players. The market has already reacted to this competitive landscape. During the IPO hype phase, the stock prices of major US telecom operators such as Verizon, AT&T, and T-Mobile all experienced varying degrees of decline. However, some analysts also point out that if SpaceX's performance after listing falls short of expectations, telecom stocks may experience a short-term rebound. "AI story" supports trillion-dollar valuation The core logic supporting SpaceX's nearly $1.8 trillion valuation is the huge growth potential of its AI business. During the roadshow, SpaceX depicted a total potential market of $28.5 trillion, with the AI business accounting for $26.5 trillion. Goldman Sachs Group, Inc. predicts that xAI revenue will soar from about $3.2 billion in 2025 to $322 billion in 2030, making the "story of a hundredfold growth in five years" a key support for the current valuation. However, there are significant differences of opinion surrounding this AI valuation. A report by Morningstar gives SpaceX a fair value estimate of $63 per share, a discount of over 50% from the offering price; its most optimistic scenario ("moon landing plan") corresponds to a market value of $1.97 trillion, but with a probability of only 7%. Valuation expert Aswath Damodaran also bluntly states that SpaceX's assumption of a $26 trillion AI market size mentioned in its IPO filing is "overly optimistic," and the AI business is still far from profitable. It is worth noting that SpaceX is the first AI giant to go public in a loss-making state. Its market performance not only affects its own fate, but is also seen as a critical test of market sentiment. OpenAI and Anthropic are expected to launch IPOs later this year, and the trajectory of SpaceX after listing may directly influence investors' pricing expectations for the subsequent IPOs of AI companies. Analysts also warn that if the IPOs of the three major AI giants SpaceX, Anthropic, and OpenAI proceed simultaneously, the market may struggle to absorb such a huge supply of stocks, and it could even become the spark that bursts the AI bubble.