The first person in history to reach a trillion dollars
En los umbrales de la historia financiera, SpaceX se prepara para debutar en los mercados públicos con una oferta que triplicaría el mayor registro previo de captación de capital. Lo que comenzó como una apuesta privada por la exploración espacial se ha convertido en un conglomerado que une satélites, cohetes e inteligencia artificial bajo una sola cotización. Elon Musk, cuya fortuna rozaría el billón de dólares, no solo reescribiría los libros de récords: encarnaría una nueva escala de concentración de riqueza que la humanidad nunca había visto. La pregunta que flota sobre los mercados no es si el mundo cambiará el viernes, sino cuánto.
- SpaceX busca recaudar 75.000 millones de dólares en su debut bursátil, casi tres veces el récord histórico de Saudi Aramco, generando una tensión sin precedentes en los mercados globales.
- La demanda de inversores ya cuadruplica la oferta disponible, lo que sugiere que el precio inicial de 135 dólares por acción podría dispararse desde el primer minuto de cotización.
- El verdadero detonante de la salida a bolsa es xAI: su gasto en infraestructura superó los 7.700 millones de dólares en un solo trimestre, agotando la capacidad de financiación privada de la compañía.
- La estructura de la OPV reserva el 30% de las acciones para inversores minoristas, una proporción inusualmente alta que rompe con las convenciones de Wall Street y amplía el impacto social de la operación.
- Si la valoración de 1,77 billones de dólares se sostiene, SpaceX representaría el 2,5% del S&P 500 desde su primer día, alterando el equilibrio del índice más influyente del mundo.
SpaceX está a horas de protagonizar la mayor oferta pública inicial de la historia. La compañía aeroespacial de Elon Musk comenzará a cotizar el viernes 12 de junio con el objetivo de captar 75.000 millones de dólares mediante la venta de 555,5 millones de acciones a 135 dólares cada una. Los inversores ya han suscrito más de cuatro veces las acciones disponibles, según Bloomberg, lo que anticipa una presión alcista sobre el precio desde la apertura.
La magnitud de la operación redefine los parámetros conocidos. Con una valoración de 1,77 billones de dólares, SpaceX superaría el récord de Saudi Aramco y pasaría a representar aproximadamente el 2,5% del S&P 500 en su primer día. Para Musk, el impacto es aún más personal: su patrimonio neto escalaría desde los 813.000 millones actuales hasta superar el billón de dólares, convirtiéndolo en la primera persona en la historia en alcanzar esa cifra.
Lo que distingue esta oferta no es solo su tamaño, sino su arquitectura. SpaceX lleva a bolsa tres negocios distintos como una sola entidad: Starlink, con 10,3 millones de suscriptores y 11.400 millones en ingresos durante 2025; el negocio de lanzamiento de cohetes, que genera unos 4.000 millones anuales aunque opera con pérdidas por el desarrollo de Starship; y xAI, la división de inteligencia artificial que los analistas identifican como el verdadero motor de esta decisión.
Durante dos décadas, SpaceX no necesitó los mercados públicos. Pero la inteligencia artificial cambió esa ecuación: en un solo trimestre, el gasto en infraestructura de xAI superó los 7.700 millones de dólares, una cifra que ningún flujo de caja privado podía absorber. La salida a bolsa no es una celebración, sino una necesidad estratégica. El viernes, Wall Street descubrirá si el apetito del mercado está a la altura de la ambición de Musk.
SpaceX is hours away from becoming the largest initial public offering in history. The company will begin trading on the Nasdaq on Friday, June 12th, with plans to raise $75 billion—a figure that would shatter the previous record by a factor of nearly three. The aerospace manufacturer, led by Elon Musk, is offering 555.5 million shares at $135 each, a price that could climb higher if early demand holds. Investors have already subscribed for more than four times the available shares, according to Bloomberg reporting, suggesting the market appetite far exceeds what the company initially planned to sell.
The valuation tells the story of how dramatically Musk's empire has grown. At $1.77 trillion, SpaceX would dwarf Saudi Aramco's 2019 record of $25.6 billion in fundraising and a total valuation of $1.7 trillion. The company would represent roughly 2.5 percent of the entire S&P 500 index on its first day of trading. For Musk personally, the math is even more striking: his current net worth of $813 billion would climb to approximately $1 trillion, making him the first person in history to reach that threshold.
What makes this offering unusual is not just its size but what it bundles together. SpaceX is bringing three distinct businesses to market as a single entity. Starlink, the satellite internet service, has grown to 10.3 million subscribers and generated $11.4 billion in revenue during 2025. The core SpaceX rocket business, built around reusable launch vehicles, brings in roughly $4 billion annually, though it operates at a loss due to heavy spending on Starship development. Then there is xAI, Musk's artificial intelligence venture, which represents what analysts call the real driver of this public offering.
For two decades, SpaceX did not need the public markets. The company financed itself through private capital at steadily rising valuations and allowed employees to sell shares through tender offers. But the calculus changed with artificial intelligence. xAI could no longer sustain itself from Starlink's cash flow, and the data center infrastructure SpaceX is building to support AI operations cannot be funded from operational revenue alone. In a single quarter, xAI's infrastructure spending exceeded $7.7 billion—a burn rate that forced the company's hand.
The IPO structure itself breaks from convention. SpaceX is reserving 30 percent of shares for retail investors, a proportion far higher than the typical 10 percent allocation seen in major offerings. This decision signals confidence in broad-based demand and reflects Musk's tendency to reshape the rules of whatever market he enters. Wall Street will be watching closely on Friday morning to see how the market receives this unprecedented offering. If the early subscription numbers hold and prices climb from the initial $135 per share, the entire global financial system will feel the ripple—a single company's debut could reshape the balance of the world's largest stock index.
Notable Quotes
SpaceX waited 24 years to go public because it didn't need to—it financed itself through private capital at rising valuations. What changed was artificial intelligence: xAI could no longer be funded from Starlink's cash flow alone.— Invertir Online analysis
The Hearth Conversation Another angle on the story
Why did SpaceX wait 24 years to go public? That's extraordinary for a company of this scale.
It didn't need to. Private capital kept flowing at higher and higher valuations. Starlink was printing money, and SpaceX could fund itself. But xAI changed everything—the AI infrastructure spending is so massive that even a company generating billions in revenue can't cover it alone.
So this isn't really about SpaceX needing capital. It's about xAI.
Exactly. xAI has barely any revenue yet, but it's burning through $7.7 billion per quarter just on infrastructure. That's the deficit that forced Musk's hand. He needed to tap public markets.
And by bundling all three businesses together—Starlink, rockets, and xAI—he's essentially hiding the money-losing parts inside a profitable whole.
Not hiding, exactly. It's transparent in the filings. But yes, investors buying SpaceX are really buying Starlink's cash generation to fund xAI's ambitions. The rocket business is almost secondary at this point.
What happens if AI doesn't deliver the returns Musk is betting on?
Then you have a $1.77 trillion company with one profitable division and two that are either capital-intensive or unproven. But that's a question for later. Right now, the market is betting on Musk's vision, not on current earnings.