Friday's session is defined by the highly anticipated arrival of SpaceX on the financial markets. The aerospace giant, now valued between $1,750bn and $1,800bn, is completing a record-breaking IPO that comes amid a resurgence in activity within the IPO market. In recent months, several companies such as Cerebras Systems, Figma, and Firefly Aerospace have also made their market debuts too. This operation is being closely watched by investors as other tech heavyweights, including OpenAI and Anthropic, have already filed confidential paperwork with the SEC.

Priced at $135 per share, the SpaceX stock is already trading at over $160, representing a gain of more than 20%, testifying to investor appetite for the company.

A Multi-Faceted Enterprise

If this IPO is generating such a buzz, it is as much due to its scale as to the difficulty of analyzing a structure that has become particularly complex. Historically, SpaceX has relied on its space activity, driven notably by the Falcon 9 reusable launchers and the Starship program, which aims to pave the way for manned exploration of Mars.

To this primary activity is added Starlink, which has become the world's largest low-earth orbit satellite infrastructure. The service is progressively revolutionizing the telecommunications sector through global internet coverage.

However, the equation changed profoundly with the recent merger of SpaceX and xAI. This new division brings together the Grok artificial intelligence models, the Colossus data centers, and the social network X, formerly called Twitter. It also occupies a central role in the Terafab project, which aims to build the world's largest semiconductor factory with a production target of up to one million wafers per month. The project also encompasses the design and manufacture of chips intended for data centers, Tesla vehicles, and SpaceX's space infrastructure.

This organization thus unites three activities with radically different profiles in terms of maturity, risk, and growth prospects. This diversity is clearly visible in the investor prospectus. SpaceX estimates the total addressable market for its space activity at $370bn, connectivity at $1,600bn, and artificial intelligence at $26,500bn. In total, the group evaluates its potential market at nearly $28,500bn, an amount close to the annual GDP of the United States.

A Still Fragile Economic Balance

Investor interest in SpaceX is notably due to its dominant position in the space industry. The company is currently responsible for approximately 80% of all orbital launches worldwide.

However, the group's financial analysis remains complex. Nearly 90% of the potential market presented by the company now comes from the xAI branch, which did not even exist within the group just six months ago. This activity recorded a net loss of $4.3bn in Q1 2026.

At the same time, the space activity continues to absorb significant research and development investments. These expenditures indirectly benefit Starlink, which leverages the group's internal launch capabilities to accelerate its deployment while controlling costs.

Starlink currently appears to be the most financially solid division. The satellite constellation generated revenue of $11.4bn in 2025 and is currently the group's only profitable activity. With subscriber growth of 105% y-o-y and an operating margin near 30%, it represents a major strategic asset. Several analysts, notably at Morningstar, view Starlink as "the primary driver of cash generation and the main source of internal funding for the other ambitious projects the company is pursuing in the medium term."

An Operation Already Widely Embraced

Through this offering, SpaceX hopes to raise $75bn to fund its future investments in artificial intelligence. The objective already seems largely secured, as investor demand reportedly exceeded $150bn even before the start of trading.

Ultimately, the SpaceX IPO perfectly illustrates the market's current focus on technology: investors no longer value only profitable activities, but ecosystems capable of dominating several industries at once. Between space conquest, global connectivity, and artificial intelligence, the group is above all selling a promise of unprecedented growth. It remains to be seen whether this extraordinary ambition can translate into results that live up to a valuation that is already stratospheric.