SpaceX opens on Nasdaq today at $135 — the $1.75T IPO that puts a public price on AI infrastructure

SpaceX begins trading on Nasdaq today under the ticker SPCX, priced at $135 per share for a $1.75 trillion valuation — if the offering holds, the largest IPO in stock market history, surpassing Saudi Aramco's 2019 debut. SpaceX reserved roughly 30% of shares for retail investors, compared with the typical 5–10%, making this unusually accessible for a listing of this size.

For the AI engineering audience, the relevant angle is Stargate. SpaceX is the infrastructure partner for OpenAI's $500 billion Stargate joint venture, targeting 10 gigawatts of AI data-center capacity across the US by 2029. GPT-5.5 was reportedly trained at the first Abilene, Texas Stargate site on Oracle Cloud-hosted NVIDIA GB200 systems. SpaceX's public valuation is, in material part, a market bet on the continued scale of frontier AI compute demand — and today, for the first time, that bet has a live ticker.

Why public filings change your information environment. The S-1 will force disclosure of Stargate contract terms, capacity commitments, and infrastructure economics that the industry has only seen through selective leaks. Combined with Anthropic's confidential S-1 (June 1) and OpenAI's (June 8), three of the largest players in AI — with a combined private-market valuation of roughly $3.6 trillion — are all in the public markets pipeline. The risk factors and financial schedules that follow will tell engineers more about pricing trajectories, vendor dependency risk, and cost-structure sustainability than any product marketing has.

Practical note. Public company earnings pressure changes vendor behavior: pricing stability, roadmap transparency, and support tier economics all become quarterly-earnings factors. If you're building production systems on API providers heading into public markets, their S-1 disclosures are worth reading as due diligence, not just investor material.

Sources: HeyGoTrade: SpaceX IPO $1.75T, Investing.com: The $3T test, TechJournal: SpaceX OpenAI Anthropic IPO wave, Financer.com: SpaceX IPO guide