The SpaceX IPO Is Blasting Off

Elon Musk took the stage inside the defunct Seaholm Power Plant in downtown Austin on the evening of March 21, 2026, and officially launched “Terafab”; a joint Tesla/SpaceX/xAI venture to build the world’s largest chip fabrication facility. His remarks touched on all Musk’s greatest hits and in a nutshell encapsulates the appeal of the SpaceX IPO.

“It’s increasingly difficult to build power plants on the ground – very few people want one in their backyard. If you wanted to double US electricity usage, you’d have to build twice as many power plants, and most communities aren’t excited about that. But if we go to space, we can go far beyond Earth’s electricity generation. You could increase human energy by a factor of a million and still be using much less than a millionth of the sun’s energy. Current human civilization uses much less than a trillionth of the sun’s energy. It’s humbling how tiny we are. You can manufacture solar radiators on the Moon from lunar materials. We could probably do around 1 terawatt per year of AI space compute from Earth, but 1,000 terawatts or more from the Moon – a truly staggering number.” And in a prior speech he said, “We want to make science fiction real, go to places that have never been explored before. You know, like, make Star Trek real.”

Just as the gravity of Earth keeps thousands of Starlink satellites aloft, Musk has always had his own gravity, keeping investors and financial media in orbit around him and his ventures. The SpaceX IPO is the largest of them to date and will surely draw the world’s attention when it goes public on June 12th, 2026.

But what exactly is it that one would be investing in, and at what price?

Strip everything else away and Starlink alone could justify a few hundred billion of the valuation. The remaining trillion-plus is a bet on what the launch and AI segments become.

— S-1 Teardown, The VC Corner

The answer is three very different businesses welded together and sold under one ticker. You’re buying a profitable satellite internet utility, a cash-burning rocket manufacturer, and an AI infrastructure play that didn’t even exist inside SpaceX until February. Understanding each piece is the only way to form a rational view on the price.

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