Global capital markets are holding their breath for a historic moment.

Elon Musk's SpaceX is accelerating its IPO process, planning to officially list on Nasdaq on June 12, with the stock code tentatively set as "SPCX." If all goes well, this will be the largest initial public offering (IPO) in human history, with expected fundraising reaching $80 billion or more, and a valuation target of $1.75 trillion.

This time, not only are rockets and satellite internet sold, but the artificial intelligence company xAI is also included. To make it affordable for everyone, the company even launched a "1-for-5" stock split. Moreover, Musk personally stated he would not sell a single share, showing his strong confidence in his own assets.

| IPO acceleration and stock splits: opening doors for retail investors

The market originally expected the listing to be in late June (around Musk's birthday), but as the U.S. Securities and Exchange Commission (SEC) reviewed the process faster than expected, SpaceX moved the timeline up significantly. Currently, the prospectus is scheduled to be publicly announced as early as May 20, with a roadshow starting on June 4 and a listing date set for June 12.

To allow ordinary investors to join in this feast, SpaceX has implemented a "1-for-5" stock split plan. After the split, the fair market capitalization per share will decrease from about $526 to about $105. Although the total market value remains unchanged, this greatly lowers the subscription threshold.

At the same time, in response to concerns about major shareholders cashing out, Musk has made it clear on social media that he will not sell any SpaceX stock. This undoubtedly injected a strong boost into the market.

| Key Highlights: Not just rockets, but AI computing power giants

The biggest surprise of this IPO is that SpaceX has incorporated Musk's AI company xAI into its business portfolio. This means investors are no longer buying just a space company, but a super platform spanning "commercial space + satellite internet + AI infrastructure."

This round of massive financing will mainly be used in two directions:

Promoting the "Starship" project: achieving large-scale, low-cost space launch capabilities.

Building a low Earth orbit data center: Musk believes the biggest bottleneck for future AI is energy. He plans to use solar power in space to generate computing power and build a "space computing power network."

| Breakdown of the investment logic behind SpaceX's IPO

For the capital market, SpaceX's scarcity lies in its deep moat and vertical integration capabilities:

Launch costs crush competitors: With the reusable Falcon 9 rocket, SpaceX has reduced the unit launch cost from tens of thousands of dollars per kilogram to less than $1,000.

Cash cow business remains solid: Starlink has over 10,000 satellites in orbit, with annual revenue exceeding $10 billion, providing a continuous cash flow for the cash-burning Mars project.

Absolute control: By issuing Class B shares with 10x voting rights, Musk will hold over 80% of the voting rights, ensuring the company can focus long-term on the grand vision of "making humanity a multi-planetary species," without having to cater excessively to short-term quarterly earnings reports.

Jingtai's Perspective | The cross-industry integration of AI and aerospace has become a new main theme

Although the market fears that large-scale IPOs will drain funds, institutions like Goldman Sachs believe that compared to the 1999 dot-com bubble, the current total market capitalization of US stocks is large and places greater emphasis on "asset quality." As a super asset with core technological barriers, SpaceX is fully capable of attracting global long-term capital.

With a unicorn like SpaceX entering the secondary market, top assets previously only available in private markets will be open to the public, reshaping the valuation system for tech stocks.

Focus 1: Direct participation in SpaceX (SPCX) long-term configuration

For investors optimistic about Musk's vision and the prospects of the space economy, SpaceX's listing will be a rare direct allocation opportunity. Its monopolistic advantages in launch services, satellite communications, and future space computing power give it extremely high long-term holding value.

Focus 2: Aerospace industry chain and AI computing infrastructure

SpaceX's expansion will directly drive the development of upstream raw materials, high-end manufacturing, satellite components, and other industrial chains. At the same time, the concept of the "space data center" proposed by it will also bring new imaginative possibilities to related sectors such as ground computing power facilities, optical modules, and energy management.

SpaceX's IPO is not just a simple corporate financing event; it is more like a crowdfunding campaign about humanity's future. The massive scale of financing and Musk's highly personal governance may trigger stock price fluctuations, but when a company holds both the ticket to space and the computing power to drive AI, it is no longer just a company but infrastructure for the new era.