SpaceX IPO to Exclude Chinese and Hong Kong Investors as AI Anchors Valuation

SpaceX, whose core businesses are rocket launches and the Starlink satellite network, briefly surpassed a $2 trillion valuation after going public. Debate has shifted to its plan for orbital AI data centers. The massive upfront investment could create a long-term computing advantage but would also squeeze cash flow, leaving Wall Street analysts divided over the company’s growth potential and execution risks.

SpaceX shares surged on their first day of trading and rose another 6% to $170 in Monday premarket trading, but have since fallen below their IPO opening price, drawing attention to potential future buying from passive funds. Analysts’ price targets range from $63 to $165. The divide centers on the company’s first-quarter capital expenditure of $10.1 billion and whether near-term losses from its orbital AI business can deliver long-term returns.

Ezfunds Securities Investment Consulting said SpaceX's record-breaking IPO would represent more than a single company's fundraising. It would also establish valuation benchmarks for the broader space economy, including satellites, launch services and ground equipment. Together with investment in AI infrastructure and AI-driven productivity gains, the two themes could become structural drivers of long-term global equity growth.

The latest report said investors could focus on U.S. technology funds and Taiwan equity funds targeting the AI supply chain to capture long-term opportunities in AI and the space economy. However, the available event data does not provide the report's publication date or specify SpaceX's listing date, IPO proceeds or valuation. Further details await disclosures from Ezfunds Securities Investment Consulting or underwriting documents.

SpaceX has built a global aerospace business spanning rocket launches and the Starlink satellite network. Its acquisition of Elon Musk’s AI startup xAI has further integrated its aerospace, communications and artificial-intelligence operations. A listing at a valuation above $1.75 trillion would vie to become the largest IPO on record and could reshape capital flows among U.S. technology giants.

SpaceX initially planned to confidentially file for an IPO as early as March 2026, targeting a valuation of $1.75 trillion. The latest related reports, however, said the company listed at $135 a share and raised $75 billion. Its shares gained 19% on their first day, lifting its market capitalization to $2.2 trillion. Morningstar valued the stock at just $63 a share, highlighting the sharp divergence in market views.