SpaceX And xAI Power A $1.77 Trillion Bet On AI Infrastructure

InnovationAISpaceX And xAI Power A $1.77 Trillion Bet On AI InfrastructureBySandy Carter,Contributor.Forbes contributors publish independent expert analyses and insights. Sandy Carter, COO at Unstoppable, Top 10 Microsoft MSN AI EntrepreneurFollow AuthorJun 03, 2026, 11:06pm EDTJun 03, 2026, 11:07pm EDTThe long anticipated SpaceX IPO is nearing. (Photo by Miguel J. Rodriguez Carrillo / AFP) (Photo by MIGUEL J. RODRIGUEZ CARRILLO/AFP via Getty Images)AFP via Getty ImagesThe SpaceX IPO is targeting a price of $135 per share, valuing the company at approximately $1.77 trillion and raising roughly $75 billion in what would become the largest public offering in history, more than twice the previous record per Reuters. If it debuts as expected on June 12, SpaceX would rank as the seventh largest company in America, larger than Tesla.The coverage will focus on rockets. The $1.77 trillion valuation points somewhere larger.In chatting with R “Ray” Wang, the Founder of Constellation Research told me, “To infinity and beyond. The $75B force SpaceX the funds it needs to build out the next generation of space exploration.”R “Ray” Wang, the Founder of Constellation Research commenting on the SpaceX potential IPO.Constellation ResearchThis is the first time public markets can buy the physical layer of the AI economy. Launch, connectivity, and a frontier AI lab now sit inside one company, and investors are pricing the entire stack.Investors lining up for the SpaceX IPO are buying infrastructure that governments, militaries, enterprises, and increasingly AI systems cannot operate without.For years, analysts have debated whether SpaceX should be valued like an aerospace company, a telecommunications company, or a technology company. The answer may be none of the above.MORE FOR YOUSpaceX is becoming the operating system for national and commercial sovereignty.That distinction matters.Convergence of AI, digital infrastructure, and geopolitical competition is creating entirely new categ...