NEW YORK, June 5, 2026, 14:03 EDT
Elon Musk’s SpaceX is edging closer to what would be a record-breaking IPO, teeing up a $75 billion raise that would put the rocket and satellite firm’s valuation at $1.75 trillion. With that sticker price, speculation over a SpaceX-Tesla union is back in play, and Boeing’s positioning in space and defense is getting fresh scrutiny from investors. Reuters reported the company will offer 555.6 million shares at $135 apiece, targeting a June 12 debut under the SPCX ticker. Wilson Sonsini’s Weiheng Chen described Musk’s fixed-price pitch as “take-it-or-leave-it.” Reuters
Boeing is still in recovery mode. First-quarter revenue came in at $22.2 billion, and the backlog hit a record $695 billion. Yet the company burned through $1.5 billion in free cash flow—a sharp reminder of ongoing pressures—and its commercial-airplane segment booked a 6.1% operating loss margin. Chief Executive Kelly Ortberg pointed to “building on our momentum,” emphasizing safety, quality, and the push for higher output. Boeing Investors
Boeing’s real vulnerability isn’t SpaceX getting into the jetliner business. The bigger issue could be a wealthier, public SpaceX—especially if it ends up linked to Tesla—drawing capital, talent, and Washington’s focus to things like launch services, satellites, crew transport, and AI. Those are the systems behind the most advanced models. A 24/7 Wall St. column from May 20 tagged Boeing as the potential biggest loser if Tesla and SpaceX ever teamed up, spotlighting areas like Starliner, satellites, national-security launches, and United Launch Alliance as flashpoints.
Dan Ives at Wedbush Securities has been one of the most vocal proponents of a merger between SpaceX and Tesla. After SpaceX filed for its IPO, Ives argued the “groundwork” for a 2027 deal is already set, pointing to Elon Musk’s push to consolidate his grip over the AI landscape. The two companies are already linked—Tesla owns a piece of SpaceX and the pair are collaborating on Terafab, an AI-focused chip hardware project, according to Business Insider. Business Insider
Pulling it off would be complicated—though hardly out of reach. Robert Cyran, a columnist for Reuters Breakingviews, pointed out that Musk holds over 20% of Tesla’s voting shares and commands a clear majority at SpaceX. Cyran noted, “shareholders would struggle” to block him if he decided to push for a merger. Reuters
Boeing’s got a more pressing space headache right now. Last month, NASA confirmed SpaceX Crew-13 was set to go, with plans to bump up the pace of U.S. crew rotations to the International Space Station. Boeing, on the other hand, is still waiting. The Starliner-1 cargo mission—uncrewed—remains in limbo as teams address problems surfaced during the 2024 crew flight test.
SpaceX was back in the spotlight Friday as NASA told five astronauts to take shelter in a Crew Dragon capsule for roughly two hours. The decision came after an air leak on the International Space Station got worse; NASA later called off the precaution when Roscosmos halted its repairs. “Collaborative approach”—that’s how NASA spokesperson Bethany Stevens described the agency’s plan to work with Russia on the fixes. Reuters
Boeing’s commercial aircraft division remains a stronghold; just two players command this space globally. On Thursday, Reuters said Boeing is evaluating whether its suppliers could manage a ramp-up in 737 production to roughly 70 units monthly—edging toward Airbus’s goal of 70 to 75 A320neo-family jets each month by late 2027. Ortberg previously described Boeing as “off and rolling” at a pace of 47 737s per month. Reuters
Market data showed Boeing shares slipping roughly 0.8% Friday afternoon. Tesla, meanwhile, dropped around 5.5%. The market isn’t bracing for a sudden blow to Boeing just yet.
Still, there are hurdles when it comes to SpaceX. The company booked a $4.94 billion loss in 2025 and falls short of the S&P 500’s entry standards: it would need at least a year of public trading, to post profits according to U.S. accounting, and a minimum 10% free float—publicly available shares. Jay Woods, chief strategist at Freedom Capital Markets, noted the index isn’t supposed to make retirement savers “involuntary SpaceX shareholder[s]” before those criteria are satisfied. Reuters
Boeing’s challenge now is to deliver: ramp up production lines minus another slip in quality, get Starliner off the trouble list and into NASA’s working fleet, and make sure its defense-space clients don’t drift. Chatter about a Tesla-SpaceX tie-up is still just that—speculation. But the IPO hands Musk extra cash and tradable stock, while Boeing’s own reset is still in progress.
