SpaceX Goes Public Today... The 5,400 Trillion Won AI Three-Way Money War Begins [Global AI Briefing]

[Financial News] Elon Musk's space and artificial intelligence company SpaceX will officially debut on Nasdaq on the 12th local time.
Following SpaceX, the AI big three — OpenAI, Anthropic, and others — are also set to list on Nasdaq in the second half of the year, signaling the full-scale start of a money war worth more than 5,400 trillion won in the AI sector.
On the 11th local time, major outlets including CNBC reported that SpaceX has set its initial public offering price at $135 per share, or about 205,065 won, and will begin official trading on the 12th. Through this offering, the company aims to sell a total of 555.5 million shares and raise $75 billion, or about 114 trillion won. That would make it the largest IPO in history, more than twice the $29.4 billion raised by Saudi Aramco in 2019.

Market attention is focused on whether SpaceX, which has already set a series of record highs before listing, can maintain those records after trading begins.
That is because SpaceX, which started as a space company, is now shifting its center of gravity toward AI, drawing criticism that its valuation is overstretched.
SpaceX's satellite internet service Starlink generated $11.4 billion in revenue in 2025 and posted an EBITDA margin of 63%, serving as the company's profit engine. By contrast, the xAI division recorded an operating loss of $6.36 billion in 2025.
SpaceX's listing is seen as the opening shot in a chain of IPOs by the AI big three, whose combined valuations reach $3.6 trillion, or about 5,468.4 trillion won.
The combined valuations of the AI big three would exceed the total market capitalization of all listed U.S. companies in 2021, when major names such as Robinhood, Coinbase, and Coupang went public one after another and set an all-time IPO record.
SpaceX is currently valued at $1.77 trillion, or about 2,688.63 trillion won. Anthropic is valued at $965 billion, or about 1,465.835 trillion won, while OpenAI stands at $852 billion, or about 1,294.188 trillion won. OpenAI filed a confidential S-1 with the U.S. Securities and Exchange Commission (SEC) in May and is working with Goldman Sachs, Morgan Stanley, and JPMorgan Chase toward a September listing. Anthropic is also aiming for an October IPO.
It is known that more than $8 trillion is currently sitting in U.S. money market funds. Institutional investors that have been indirectly investing in AI through NVIDIA, Microsoft, and Alphabet Inc. may pour more capital into the market as AI companies go public.
For that reason, this year, beginning with SpaceX and followed by the AI big three, is expected to become a proving ground in which the market openly assesses the growth potential and profitability of the AI industry.


cafe9@fnnews.com Lee Gu-soon Reporter