SpaceX (SPCX) IPO: Live updates

On a livestream before the SpaceX IPO, Musk said he wanted to take the company public in part to raise money for the “massive capital endeavor” of building and running artificial intelligence data centers in space.

So-called orbital data centers “will be the primary means by which AI can be expanded,” Musk said. And putting data centers into orbit may help companies avoid the community backlash against data centers and the sometimes polluting power plants installed to run them on Earth.

“There are very few people who want a power plant in their backyard, so if we wanted to say double the electricity usage of the United States, which is on average about 500 gigawatts, we would have twice as many power plants,” he said.

In space, he mused, companies can “go far beyond the electricity generation of earth,” by running their equipment on solar power around the clock.

However, space-based data centers are unproven so far, and have a panoply of associated risks.

Electronics required for AI training and inference are heavy to lift, power-hungry, and require thermal regulation. Yet, cooling them can’t be done as easily in the vacuum of space.

Putting satellites packed with computing equipment in space could become less impractical with the adoption of chips that feature superconducting logic, rather than traditional semiconductors, said Peter Barrett, a general partner at venture firm Playground Global.

“Doing it the way they’re currently planning on doing it is madness, but it won’t be a problem, because it’s never going to happen,” he said.

SpaceX is not the only company working on orbital data centers, of course. Alphabet’s Project Suncatcher shares the same ambition. However, SpaceX’s timeline is aggressive.

The company aims to deploy its first satellites that can provide computing power for AI models as soon as 2028, according to its IPO prospectus.

—Jordan Novet and Lora Kolodny

Shotwell said orbital flights for Starship “largely depends” on the Federal Aviation Administration, but the company should fly every month and we could see Starship in orbit by the end of this year.

“We have done an in-space Raptor lighting, so we feel pretty comfortable, but we want another suborbital shot on the next flight,” she said.

—Chris Eudaily

Jennifer Nason, former global chair, investment banking at JP Morgan, told CNBC’s “Morning Call” that the SpaceX IPO is “a bit of an unveiling” for Gwynne Shotwell.

“Elon can take a lot of the oxygen out of the room, but she’s been there from the beginning,” Nason said.

—Chris Eudaily

SpaceX President and COO Gwynne Shotwell told CNBC’s Morgan Brennan that she “wasn’t sure we would go public.”

“Today, across SpaceX’s various businesses, the building blocks of a publicly traded company are now in place,” she said in an exclusive interview.

Shotwell is the company’s top executive underneath Musk.

“I do not want to focus on quarterly earnings,” she told Brennan. “I’m not saying we’re not going to do right by our investors, but what folks who invest in SpaceX need to know is that what we’re doing is very futuristic.”

—Chris Eudaily

SpaceX is offering 555,555,555 shares of Class A common stock in the IPO. At the $135 per share set price, the offering raised $75 billion.

There is an overallotment of 83,333,333 Class A shares available to underwriters for up to 30 days after the June 3 S-1A.

Without the overallotment, there are 13,075,865,175 Class A and B shares available immediately, which puts the SpaceX market cap at $1.77 billion.

Should the overallotment be exercised, those would add to the total Class A and B shares and increase the market cap accordingly.

—Chris Eudaily

SpaceX has been a hot topic on Reddit’s WallStreetBets, the discussion forum that became synonymous with the meme stock craze.

The rocket startup has been mentioned more than 1,600 times on the platform since Monday, according to data shared with CNBC by meme stock tracker Breakout Point. Those numbers have made it one of the most-discussed companies on WallStreetBets in the days leading up to the IPO, Breakout Point’s data shows.

—Alex Harring

According to IPO filings, the company has racked up a deficit of around $41.3 billion since it was founded in 2002.

It has already spent more than $15 billion to develop its massive, Starship rocket, which it intends to be fully re-usable in the future. Starship is also meant to bring NASA astronauts back to the surface of the moon, and eventually to Mars.

SpaceX said in its prospectus that its connectivity unit, primarily comprised of Starlink, generated $11.39 billion in 2025, accounting for 61% of total sales. In the first quarter of this year, it climbed to 69% of total sales.

The company cautioned investors in its prospectus about its history of net losses, and that it may not achieve profitability in the future. It lost $4.9 billion last year, and $4.28 billion in the first quarter of 2026, alone with both capital and operating expenses expected to increase as it spends heavily on Starship and AI initiatives.

—Lora Kolodny

The capital raised in the IPO is expected to fund the further development of SpaceX’s massive Starship rockets, which are currently in a test flight phase and are not yet fully re-usable.

The company will also use the funding for future AI products and infrastructure, including a chip factory known as Terafab that SpaceX will build with Tesla and Intel in Texas.

—Lora Kolodny