On June 12, 2026, SpaceX (Space Exploration Technologies Corp.) will list on the Nasdaq. With a valuation of $1.75 trillion and a fundraising target of $75 billion, it is expected to be the largest IPO in history, significantly surpassing Saudi Aramco's 2019 debut.

WEEX allows for the trading of SPCXUSDT futures even before the listing. However, this product is a derivative with a structure different from actual SpaceX shares. This article explains SpaceX's business, the IPO schedule, and the mechanics and risks of WEEX's SPCXUSDT.

What is SpaceX (SPCX)?

Official Name: Space Exploration Technologies Corp.

Founded: 2002 (by Elon Musk)

Expected Listing: June 12, 2026, Nasdaq, Ticker: SPCX

IPO Valuation: $1.75–$2 trillion (largest in history)

Fundraising Target: $75 billion (approx. 2.5 times the $29.4 billion from Saudi Aramco's 2019 IPO)

2025 Revenue: $18.67 billion (33% increase YoY), Net Loss of $4.94 billion

Musk's Voting Power: 85.1% (via super-voting shares)

Bitcoin Holdings: 18,712 BTC (as of the end of March 2026, market value approx. $1.3 billion). Tesla and SpaceX, led by Elon Musk, are among the largest corporate holders of Bitcoin. For crypto investors, the SpaceX IPO is also notable as it marks a company active in Bitcoin listing on the Nasdaq.

The 3 Businesses of SpaceX

① Starlink (Connectivity Division): The Only Profitable Business

With $11.4 billion in 2025 revenue and $4.4 billion in operating profit, this is the core business supporting SpaceX's earnings. As of February 2026, Starlink has reached 10.3 million subscribers across 164 countries, with new sign-ups continuing at a pace of 750,000 to 1.5 million per month. It operates over 9,600 low-Earth orbit satellites, providing high-speed internet even in regions without established communication infrastructure.

② Falcon Launch Services: Accounting for the Majority of Global Orbital Launches

This is a government and commercial launch service with NASA and the U.S. Department of Defense as major clients. Through Falcon 9's reusable rocket technology, the cost per launch has been significantly reduced compared to traditional methods. SpaceX handles the majority of global orbital launches, establishing a clear technological differentiation from competitors.

③ Starship: Long-term Upside Potential

Starship is a fully reusable super-heavy rocket, with commercial payload launches scheduled to begin in late 2026. It holds long-term potential for Mars colonization, lunar supply transport (NASA's Artemis program), and mass satellite deployment, serving as the core of the "future growth" baked into the IPO valuation. While currently a source of losses, analysts believe it has higher revenue potential than the existing Falcon once commercialization gains momentum.

④ xAI (AI Division): The Largest Source of Losses

Following the acquisition of Elon Musk's AI startup xAI in 2025, SpaceX has also taken on the aspect of an AI infrastructure company. However, the xAI division recorded an operating loss of $6.4 billion in 2025, continuing to significantly erode Starlink's profits.

IPO Schedule

Please note that these dates may change depending on SEC review status and market conditions. SpaceX has not officially confirmed specific dates.

What is WEEX's SPCXUSDT?

Synthetic Perpetual Futures: Not Actual Shares

SPCXUSDT available for trading on WEEX is a "synthetic perpetual future." It does not involve any actual SpaceX shares. It is a derivative product that references a price linked to SpaceX's corporate valuation and pegs the price to the benchmark valuation using funding rates and oracle price feeds.

This structure is legally different from SPV (Special Purpose Vehicle) type tokens. SPV tokens like ANTHROPICUSDT and OPENAIUSDT are backed by an SPV that holds actual shares, and they plummeted after Anthropic and OpenAI declared share transfers via SPVs to be "invalid." Since synthetic futures do not use an SPV, such risks do not occur.

Risks and Considerations

Not Actual Shares: Holding SPCXUSDT does not make you a SpaceX shareholder. There are no shareholder rights, voting rights, dividends, or conversion rights into actual shares after the IPO.

Musk's Governance Monopoly: Due to super-voting shares, Musk holds 85.1% of voting power, making the influence of general shareholders extremely limited.

Huge Losses in xAI Division: The xAI division recorded an operating loss of $6.4 billion in 2025, with losses continuing to significantly exceed Starlink's profits. The $1.75 trillion IPO valuation is a level that maximizes the growth of Starlink and the future potential of Starship; if expectations are not met, a significant adjustment could occur.

High Volatility: Prices tend to move significantly on the first day of an IPO. The same applies to WEEX's SPCXUSDT futures, and rapid price fluctuations are expected around the listing. Please ensure you set TP/SL (Take Profit/Stop Loss).

Summary

SpaceX is the world's largest IPO, scheduled to list on the Nasdaq on June 12, 2026. Its growth story is clear, with Starlink's high profitability, Falcon's competitive advantage, and the AI strategy following the xAI acquisition. However, one must also face the risks of xAI's massive losses, high valuation, and Musk's governance monopoly. Please trade with the understanding that WEEX's SPCXUSDT is a synthetic future different from actual shares.

FAQ

Q. Can I become a SpaceX shareholder by buying WEEX's SPCXUSDT?

No. SPCXUSDT is a synthetic perpetual future linked to SpaceX's corporate valuation, and no actual shares are involved. There are no shareholder rights, voting rights, dividends, or conversion rights into actual shares after the IPO. Please understand it as a product that allows you to trade based on SpaceX's stock price fluctuations.

Q. How is SPCXUSDT different from ANTHROPICUSDT and OPENAIUSDT?

The structure is different. Tokens for Anthropic and OpenAI are created by an SPV (Special Purpose Vehicle) holding actual shares and tokenizing them. These plummeted after Anthropic and OpenAI declared that share transfers via SPVs were invalid. Since SPCXUSDT is a synthetic future that does not rely on actual shares, such risks do not occur structurally.

Q. When is the SpaceX IPO?

Trading is scheduled to begin on the Nasdaq on June 12, 2026 (Ticker: SPCX). The roadshow is scheduled to begin on June 4, and pricing on June 11. However, these dates may change depending on SEC review status and market conditions.

Disclaimer

WEEX and its affiliates provide digital asset exchange services, including derivatives and margin trading, only to eligible users in legally permitted regions. This content is for general information purposes only and is not investment advice. Please consult a professional before trading. Crypto asset trading is high-risk, and you may lose all invested funds. By using WEEX services, you are deemed to have agreed to all relevant risks, Terms of Service, and Risk Disclosure. Please invest at your own discretion and within your means.