SpaceX and OpenAI go public: AI valuations face market test

SpaceX filed an $80 billion IPO prospectus on Wednesday, the largest in market history, listing on Nasdaq under ticker SPCX at a $1.7 trillion valuation. The prospectus consolidates xAI's numbers: a $6.4 billion operating loss on $3.2 billion revenue. Starlink is SpaceX's only profitable unit. The filing marks the first time AI's financials—including deep losses—are laid bare for public investors.

OpenAI is days behind, preparing a confidential filing with Goldman Sachs and Morgan Stanley for a trillion-dollar listing by September, targeting a valuation above $1 trillion—up from $852 billion in March. Both IPOs are timed to compete for the same capital pool, forcing investors to weigh AI's promise against its losses. The public debut ends an era where a handful of private investors set AI's price.