SpaceX Technologies Corp. (pre-IPO) 

SPCX Price

What is SpaceX (SPCX) pre-IPO?

SpaceX (Space Exploration Technologies Corp.) is a privately held aerospace and AI company founded by Elon Musk in 2002. It operates the Falcon 9 and Falcon Heavy launch vehicles, the Starship V3 next-generation rocket, the Starlink satellite internet constellation, and the Starshield military satellite program. In February 2026, SpaceX acquired xAI — Musk's AI company, including the Grok assistant and the X social platform — combining aerospace, satellite internet, AI, and social media into a single conglomerate. The page you are on tracks SPCX-USDC, a synthetic perpetual futures contract on Hyperliquid that mirrors SpaceX's implied pre-IPO valuation. It is not SpaceX equity — see the disambiguation question below.

Who owns SpaceX and what is Elon Musk's stake?

Elon Musk holds approximately 42–43% of SpaceX equity and controls roughly 79% of voting rights through a dual-class structure with Class B shares carrying 10 votes per share. The structure means board action against him is effectively impossible. Other major shareholders include Alphabet (~5–6% post-xAI dilution, originating from a 2015 $500M investment), Fidelity, Founders Fund, Sequoia Capital, a16z, EchoStar, and several sovereign wealth funds. Following the xAI merger in February 2026, NVIDIA and the Qatar Investment Authority also hold stakes through their prior xAI positions.

What is SpaceX's latest valuation in 2026?

As of May 2026, the SPCX-USDC contract on Hyperliquid implies a SpaceX valuation between $1.75 trillion and $2.5 trillion, based on the contract price times 11.87 billion fully diluted shares. The contract launched May 18, 2026 at a $150 reference price (~$1.78T FDV) and traded as high as $216 within the first day. SpaceX's reported IPO target is $1.75T–$2T+, which would make it the largest IPO ever — approximately 2.5× Saudi Aramco's 2019 record. Private secondary markets valued SpaceX at $800 billion in December 2025, $400 billion in July 2025, and $350 billion in December 2024.

Is SpaceX publicly traded and when is the SpaceX IPO date on Nasdaq?

SpaceX is not yet publicly traded. Per Reuters reporting from May 15, 2026, SpaceX filed its S-1 confidentially with the SEC on April 1, 2026, and is targeting an accelerated timeline: public prospectus release around May 20–21, roadshow start June 4, IPO pricing June 11, and Nasdaq trading debut June 12, 2026 under the ticker SPCX. The offering targets up to $75 billion raised at a $1.75T–$2T+ valuation. A 5-for-1 stock split completing by May 22 reduces the pre-IPO fair-market share value from approximately $526 to $105. Up to 30% of the offering is reportedly reserved for retail investors. Musk has stated he will not sell any shares at IPO. Three US public pension funds and the American Federation of Teachers have publicly challenged the offering's governance structure, citing valuation at ~200× cash flow and forced inclusion via index-fund mechanics. These dates are reported targets, not final offering terms.

How does SpaceX make money?

Per the draft IPO prospectus referenced by Reuters (April–May 2026), SpaceX generated approximately $18.5 billion in revenue in 2025 with a GAAP loss of approximately $4.94 billion attributed to costs absorbed from the xAI merger. Starlink contributed approximately $11.4 billion (about 58% of total revenue) across 10 million subscribers in 160 countries as of February 2026. The remaining revenue comes from Falcon 9 launch services (165 launches in 2025 — more than every other provider combined), Falcon Heavy, the Starshield government satellite program, and post-merger xAI revenue (estimated under $1 billion per Bloomberg Intelligence). Starlink's direct-to-cell service launched commercially with T-Mobile in July 2025; Starship V3 is the next-generation vehicle designed to deploy V3 Starlink satellites with full 5G connectivity from orbit.

How did the xAI merger change SpaceX's business?

On February 2, 2026, SpaceX acquired xAI in an all-stock transaction structuring xAI as a wholly owned subsidiary. The combined entity was valued at $1.25 trillion at the time of the deal. The merger absorbed the Grok AI assistant and the X social platform into SpaceX's corporate structure. SpaceX has stated the rationale is to develop space-based AI data centers that overcome terrestrial power and cooling constraints, with potential lunar and Mars deployment over the long term. The accounting impact is material: the draft IPO prospectus shows the merger transition drove SpaceX's $4.94 billion 2025 GAAP loss, a sharp reversal from earlier estimates of ~$8 billion EBITDA on a pre-merger basis.

Is Starlink part of SpaceX?

Yes. Starlink is a wholly owned subsidiary of SpaceX, operated by Starlink Services, LLC. It is not a separate company and not separately tradeable. As of March 2026, Starlink operates over 10,020 satellites in low Earth orbit — approximately 65% of all active satellites globally. Since the xAI merger, Starlink remains SpaceX's largest revenue line at approximately $11.4 billion in 2025. Investors who want Starlink exposure get it through SpaceX equity (post-IPO) or through synthetic exposure to SpaceX such as the SPCX-USDC contract on Hyperliquid — there is no standalone Starlink stock.

How does the SPCX-USDC synthetic perpetual work on Hyperliquid?

SPCX-USDC is a synthetic perpetual futures contract deployed by Trade.xyz on Hyperliquid using the HIP-3 framework, with 5x leverage and USDC collateral in isolated-margin mode.

The contract tracks SpaceX's implied pre-IPO valuation via an oracle reference price updated approximately every 3 seconds, with mark price calculated as a median of three components including the oracle and a 150-second exponentially weighted moving average of mid-oracle deviation. Funding uses an 8-hour rate formula but is paid every hour at one-eighth of the computed rate, with a baseline annualized rate of approximately 5.5% — half of Hyperliquid's default 11% baseline, reflecting traditional finance carry costs of roughly SOFR + 1–2%.

Crucially, SPCX-USDC is cash-settled with no underlying shares — traders hold a derivative claim on SpaceX's implied valuation, not equity. This distinction became material in May 2026 when OpenAI and Anthropic publicly stated that SPV-based share transfers were void under their corporate bylaws, causing tokenized products pOPENAI and pANTHRO on PreStocks to drop approximately 50%. The synthetic perpetual structure avoids that specific class of disavowal risk because no shares change hands. Both companies maintain separate commercial relationships with SpaceX — Anthropic secured access to over 300 MW of compute capacity from SpaceX's Colossus 1 data center in Memphis in May 2026.

SPCX is the second pre-IPO perp on Trade.xyz after CBRS (Cerebras Systems, May 1, 2026), which priced within 3% of its Nasdaq debut.

How is the Hyperliquid SPCX different from Paimon's SPCX token and the Nasdaq SPCX stock?

Three different assets currently share the SPCX ticker, and they are not interchangeable:

The Hyperliquid SPCX-USDC is a synthetic perpetual futures contract on Trade.xyz with 5x leverage, USDC-settled, no SpaceX shares involved, and accessible to any wallet holder without accreditation requirements. It is the asset tracked on this page.

The Paimon SpaceX SPV Token (also ticker SPCX, contract 0x8721...a9d5) is deployed on BNB Chain and HashKey Chain, issued by Paimon Finance through a British Virgin Islands special purpose vehicle that holds investment interests in a SpaceX equity fund. Holders own a derivative claim on the SPV, not SpaceX shares directly. The SPV-based structure is functionally similar to the PreStocks model that OpenAI and Anthropic disavowed in May 2026.

The Nasdaq SPCX stock is SpaceX common equity, expected to begin trading on Nasdaq under ticker SPCX on June 12, 2026 per Reuters reporting. This will be the only direct equity claim on SpaceX, subject to the dual-class voting structure and the 5-for-1 split completing May 22. A historical SPCX ticker — the Tuttle Capital SPAC ETF — was vacated in April 2026 and may still appear in cached search results.