Elon Musk's company SpaceX priced its shares at $135 as part of the largest initial public offering (IPO) in history. The stock will be listed on the Nasdaq on June 12.
The company sold 555.5 million shares, raising $75 billion, more than double the previous record set by Saudi Aramco in 2019. SpaceX's market capitalization will be approximately $1.77 trillion.
Source: CompaniesMarketCap.In the first quarter, SpaceX's revenue increased by 15% to $4.69 billion. However, the company reported a net loss of $4.28 billion. The primary source of income is the Starlink satellite internet service. The company also includes an artificial intelligence division, xAI.
Investments in AI have become the largest expense category, with $7.7 billion spent in the first quarter out of total capital expenditures of $10.1 billion.
Oppenheimer analysts assigned SpaceX shares an "outperform" rating with a target price of $190. Experts from New Street Research valued the xAI division at $575 billion, comparing it to market leaders OpenAI and Anthropic.
SpaceX's IPO could signal the beginning of a wave of IPOs in the artificial intelligence sector.
Notably, in June, AI competitors Anthropic and OpenAI also filed for listing.