NEW YORK, June 6, 2026, 15:09 EDT
SpaceX notched a last-minute shot of revenue for its record IPO, revealing a new cloud-computing agreement with Google just ahead of its expected Nasdaq debut. Google will fork over $920 million each month for clusters of chips powering artificial intelligence, starting in October 2026 through June 2029. The late-breaking deal comes as Elon Musk’s rocket, satellite, and AI firm gears up to begin trading.
Timing is key here. SpaceX wants to pitch investors a $75 billion deal at $135 per share—putting its valuation at roughly $1.75 trillion, which would make this the biggest IPO ever. With U.S. markets hovering near record levels, fund managers now have to weigh whether this listing signals fresh momentum for AI-linked stocks, or if it points to too much froth in the growth trade.
Back on May 20, Bloomberg called the public filing a test—five hurdles, to be exact: the banks, Musk’s grip, SpaceX’s numbers, valuation, and the risks hiding in that S-1. Now those questions aren’t just for lawyers and bankers poring over documents. They’ve spilled onto the roadshow circuit, into those pre-IPO investor meetings.
According to Reuters, which cited people familiar with the situation, SpaceX told banks it would stick to the $135 price tag. Investors began meeting with the company Thursday, with shares slated to price June 11 and start trading June 12 under the symbol SPCX.
SpaceX just handed Google an answer to a key question in the filing: how much of Google’s AI investment will actually generate revenue. According to Business Insider, which cited the filing, Google picks up access to about 110,000 Nvidia GPUs, along with CPUs, memory, and other infrastructure. Google Cloud called the deal “bridge capacity” — a way to handle Gemini Enterprise’s rising demand. Business Insider
SpaceX logged a net loss of $4.94 billion in 2025, even as revenue jumped 33% to $18.67 billion, Reuters said. In Q1, Starlink stood out as the sole profitable business. The AI segment, on the other hand, dropped $2.47 billion against $818 million in revenue.
The read-across here is far from straightforward. SpaceX has grown beyond launches, beyond satellite internet, and now it’s pushing into AI infrastructure too. According to TechCrunch, Anthropic—the company behind Claude—has committed to paying SpaceX $1.25 billion every month through 2029 for capacity at Colossus 1. OpenAI and Anthropic are both still on deck for sizable public offerings, keeping the AI IPO pipeline packed.
Retail appetite stands out in this sale. SpaceX may earmark up to 30% of its IPO for individuals, with multiple offerings lined up in European markets, Reuters reported. “Unlike any other deal,” is how Ygal El Harrar, BNP Paribas’ global head of equity capital markets for technology, described the surge in retail interest. Reuters
Valuation is still the sticking point. Tim Hatt, who leads research and consulting at GSMA Intelligence, told Reuters the roughly 90-times revenue multiple is “high by any standard.” He also pointed out SpaceX lacks any true public comparables. Blue Origin hasn’t gone public, and none of the listed space firms resemble SpaceX’s combination of rockets, Starlink, defense, and AI capabilities. Reuters
The deal’s not set in stone. According to TechCrunch, Google has an out if SpaceX misses its GPU access commitments—even after a grace period. There’s also a mutual escape hatch: starting after Dec. 31, 2026, either party can pull the plug with 90 days’ notice. Meziane Lasfer, professor of finance at Bayes Business School, told Reuters that retail investors face “very big risk” at the valuation on the table. TechCrunch
It’s not just Musk driving the momentum here; the broader market is lending a hand. “Insatiable appetite” for tech stocks, as described by Mark Hackett, chief market strategist at Nationwide, in comments to Reuters. Jason Pride at Glenmede, though, sees a different angle—wondering whether SpaceX might be a clear sign of “market froth.” That’s the push and pull ahead of next week’s listing: a company with tangible operations, mounting losses, and a valuation that’s betting heavily on things going right. Gulf Times
The SEC posted SpaceX’s updated S-1/A on June 3, as shown on the EDGAR website. Now, just ahead of the open, traders are watching for institutional buy-in at $135 and bracing to see if retail interest holds up, now that the risk factors are all out in the open.
