The largest IPO in US history is born! SpaceX (SPCX.US) lands on Nasdaq with an opening increase of over 11%, speculation of a merger with Tesla, Inc. (TSLA.US) heats up.

On Friday, Tesla, Inc. (TSLA.US) CEO Musk's SpaceX (SPCX.US) officially landed on the NASDAQ, with the opening stock price rising by over 11% to $150. The company's IPO issued about 5.56 billion shares at $135 per share, raising a total of $750 billion in funds, with an estimated valuation of about $1.77 trillion, making it the largest IPO in the history of the US capital market. On the first day of trading, the focus of the market has shifted beyond the record-breaking financing size. With SpaceX officially entering the public market, investors are starting to look at another long-discussed topic on Wall Street - the potential integration of Musk's two core assets, SpaceX and Tesla, Inc. (TSLA.US). This discussion has intensified following comments made by SpaceX President and COO Gwynne Shotwell in a media interview on the eve of the IPO. Shotwell stated that there is "no doubt" about the synergies between Tesla, Inc. and SpaceX, and pointed out that the future goals the two companies are working towards are gradually converging. She jokingly said, "Merging the two companies might make Musk's life easier." Although Shotwell later downplayed the possibility of a transaction in the near term and emphasized that the company's current focus is still on rocket production, launch missions, the International Space Station project, and the expansion of the Starlink global internet business, her comments on synergies quickly caught the market's attention. It's not just Shotwell's statements that have sparked market speculation. According to SpaceX's latest updated IPO filing, the company may issue "a large number of shares" for potential acquisitions and strategic transactions. At the same time, Shotwell also explicitly stated that mergers and acquisitions will be part of the company's future development path, especially in the field of artificial intelligence. Against the backdrop of rapid expansion in AI infrastructure investment, many investors are speculating that SpaceX may utilize the public company platform for larger-scale capital operations in the future. In Musk's extensive business empire, the company that can achieve the greatest synergies with SpaceX is undoubtedly Tesla, Inc. In fact, there already exists deep business ties between the two companies. According to the prospectus, Tesla, Inc. currently holds a stake in SpaceX. The two companies are also jointly involved in an advanced chip manufacturing project called Terafab. At the same time, SpaceX has purchased Cybertruck electric trucks worth approximately $131 million in 2025. Media data shows that since 2023, Tesla, Inc. has sold approximately $890 million worth of cars, batteries, and energy storage products to SpaceX and its affiliated enterprises xAI. With artificial intelligence becoming the new core of Musk's business empire, the strategic relationship between the two companies is continually strengthening. Tesla, Inc. is accelerating its transformation into artificial intelligence and Siasun Robot & Automation company, while SpaceX is expanding its Starlink satellite internet network beyond commercial space operations, and gradually entering the AI infrastructure and computing power market through the integration of xAI, Grok, and the social platform X. There is clear division among Wall Street views on whether a merger will happen in the future. WedBush Securities analyst Dan Ives is one of the most steadfast supporters. He previously stated that the probability of the two companies merging by around 2027 is as high as 80% to 90% following SpaceX's IPO. Ives believes that if integration occurs in the future, Tesla, Inc.'s autonomous driving data, Siasun Robot & Automation business, and massive end-user base, along with SpaceX's satellite communication network, global internet coverage capabilities, and AI infrastructure, will complement each other to build a complete ecosystem covering data, computing power, communication, and the application layer. However, some institutions hold contrary views. Auburn Bay defaults to the belief that both companies remaining independently listed aligns better with Musk's long-term strategy. The institution points out that having multiple independent financing platforms can provide greater capital flexibility now that AI infrastructure construction is entering a high-investment phase. In comparison to a direct merger, the two parties are more likely to deepen cooperation in data centers, energy storage, servers, and AI infrastructure in the future. In addition to strategic debates, there are also clear differences in market views on SpaceX's valuation itself. Morningstar released a report before the IPO stating that, based on its calculations, SpaceX's reasonable valuation is less than half of the current IPO valuation. The institution believes that the company's forecasts for future market space in the prospectus are too optimistic and points out that while Starlink has become the company's most important source of revenue, long-term growth prospects are still limited by technological and market factors. US Senator Elizabeth Warren publicly criticized the approval of the IPO by the US Securities and Exchange Commission (SEC) before the IPO, stating that some analysts have described the company's financial forecasts as "unrealistic." However, the market's enthusiasm clearly outweighs these questioning voices. It is understood that the IPO attracted over $350 billion in subscription demand, with institutional investors subscribing for over $250 billion and retail investors surpassing $100 billion. At the same time, this IPO has also brought a wealth surge moment for a large number of SpaceX employees. According to estimates by the investment platform Hill.com, at a valuation of $1.77 trillion, approximately 4,400 current and former employees will become millionaires, with about 400 people holding shares worth over $100 million. It is worth noting that Shotwell stated on Friday that more than half of the employees continued to increase their holdings of company stock during the IPO process, with a total amount close to $1 billion. She stated, "This shows that our employees still believe in the long-term future of our company." For investors, as SPCX officially begins trading, a new question is emerging is SpaceX's listing just the beginning of Musk's business empire capitalization or the starting point of a larger-scale integration and expansion plan?