The countdown to the largest IPO of all time is underway. This coming Friday, June 12, 2026, SpaceX is set to make its debut on the Nasdaq technology exchange. Just days before the Initial Public Offering (IPO), the founder and CEO of the space company took the opportunity to promote the offering at J.P. Morgan's headquarters in New York. Elon Musk appeared alongside Jamie Dimon, CEO of the U.S. banking giant serving as one of the IPO's bookrunners. However, the world's richest man was not physically present in the room; instead, he joined via video link from the 51st floor of the building. Before the two protagonists spent around 20 minutes discussing the company's plans and ambitions, Maye Musk took the microphone. The entrepreneur's mother delivered a brief tribute to her exceptionally talented and visionary son.
It is difficult to say whether the support of the 78-year-old had any impact on the order book. What is certain is that investor interest in the mega IPO is enormous. SpaceX is offering a total of 555.6 million shares at a fixed price of USD 135 each. According to unconfirmed reports, the offering was already twice oversubscribed one week before the stock's market debut. In other words, investors had committed approximately USD 150 billion in orders to participate in the transaction. The company's immense valuation does not appear to deter investors. At the indicated IPO price, SpaceX would achieve a market capitalization of USD 1.75 trillion, immediately placing it among the ten largest publicly listed companies in the world. Last year, the company generated revenue of less than USD 18 billion. On the bottom line, SpaceX reported a net loss of nearly USD 5 billion in 2024. The deficit was primarily attributable to substantial investments in artificial intelligence.
Elon Musk presents AI as the key growth driver for SpaceX. In his investor presentation, he outlined a total addressable market of an impressive USD 28.5 trillion. More than three quarters of this enormous opportunity is expected to come from AI-related activities. While SpaceX already operates the Grok language model, with approximately 117 million monthly active users, the company envisions relocating data centres into space in the future. At the same time, Musk can rely on a highly successful core business. With its Falcon rockets, the company commands an 80% market share when measured by payload delivered into space. Starlink is also a market leader. The satellite internet network, consisting of more than 9'600 satellites, spans 164 countries. By early 2026, the number of users had surpassed the 10 million mark (see chart). The Connectivity segment operates profitably. In 2025, the division generated an operating margin (adjusted EBITDA level) of 63.2%. Musk's goal is to bring the entire group into profitability. SpaceX's long-term targets include significantly higher revenues as well as a GAAP net profit margin of approximately 45%.
The company has not yet reached that point. For investors who are hesitant to enter the stock due to its lofty valuation and the widespread enthusiasm surrounding the IPO, Leonteq has prepared alternative investment solutions. Until the day of the IPO, Callable Barrier Reverse Convertibles linked to SpaceX shares remain available for subscription. Regardless of how the newly listed stock performs during its first year of trading, the coupon will be paid. In the product currency CHF, investors receive a quarterly coupon equivalent to 16.00% per annum. The USD-denominated version offers a coupon that is 400 basis points per annum higher. The barrier is set at 59% of the initial level. As long as SpaceX shares do not fall to or below this threshold, investors will receive full repayment of the nominal amount at maturity. If the barrier is breached, the partial protection ceases to apply. In that case, the investment would be fully exposed to the downside risk of the underlying share. Please also note the callable feature. It allows for the early redemption and repayment of these BRCs.
We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: 058 800 11 11, email info@leonteq.com or contact us here.