SpaceX Files for $2T IPO, Lifting Alphabet and Nvidia
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- SpaceX filed confidentially to go public, seeking a valuation of up to $2 trillion and a raise of as much as $75 billion — which would set the record for largest IPO ever
- SpaceX recently merged with xAI at a $1.25 trillion board-determined valuation, up from $800 billion when investors last priced shares at the end of 2025
- Alphabet invested $900 million in SpaceX in 2015 for roughly a 7% stake, disclosed an $8 billion unrealized gain in its Q1 2025 report, and that stake would be worth $140 billion at a $2 trillion valuation
- Alphabet is set to spend roughly $175 billion on capital expenditures this year for AI ambitions, making a liquid SpaceX windfall especially valuable
- Nvidia counts SpaceX as a major customer, and Musk has said both SpaceX and Tesla will continue purchasing Nvidia chips at scale
- The xAI merger puts SpaceX in a position to spend heavily on Nvidia chips to compete with OpenAI and Anthropic, and Musk plans to use IPO funding to launch space-based data center satellites — potentially driving further Nvidia demand
Why it matters: Alphabet's 7% SpaceX stake, bought for $900 million in 2015, would be worth $140 billion at a $2T valuation — liquid capital arriving as Alphabet spends $175 billion on AI capex this year. For Nvidia, SpaceX's IPO haul and xAI merger position the company for large chip orders to fuel AI competition with OpenAI and Anthropic.
