SpaceX has moved to bring the creator of the Grok chatbot, xAI, into its corporate structure, consolidating the billionaire founder's ventures in space and artificial intelligence. The combined arrangement values SpaceX at $1 trillion and xAI at $250 billion. The timing dovetails with SpaceX's preparations for a major initial public offering this year, with the company planning a potentially high-profile public debut that could occur as soon as June.
The possible public offerings tied to these businesses have drawn attention for their potential scale. Industry commentary notes that should xAI secure more than $25.6 billion in proceeds from an IPO, it would overtake the current record-holder for the largest initial public offering, Saudi Aramco's 2019 listing.
Analysts cited in market coverage expect that such a landmark deal could reinvigorate the IPO market and encourage other major private startups to consider public listings. Among the firms mentioned as potentially affected are artificial intelligence developers that have remained private, with observers suggesting the market could see renewed interest from high-profile technology ventures.
Largest IPOs globally - ranked by deal size
| Company | Offer date | Sector | Deal size |
|---|---|---|---|
| Saudi Aramco | 12/05/19 | Energy | $25.6 billion |
| Alibaba | 09/18/14 | Technology | $21.8 billion |
| SoftBank Corp | 12/10/18 | Communication Services | $21.3 billion |
| NTT Mobile | 10/22/98 | Communication Services | $18.1 billion |
| Visa | 03/18/08 | Financials | $17.9 billion |
| AIA | 10/21/10 | Financials | $17.8 billion |
| ENEL SpA | 11/01/99 | Utilities | $16.5 billion |
| Meta | 05/17/12 | Technology | $16 billion |
| General Motors | 11/17/10 | Consumer Discretionary | $15.8 billion |
| ICBC - H | 10/20/06 | Financials | $13.96 billion |
Market participants have linked the size and timing of any offering to the broader prospects for initial public offerings, noting that a landmark deal may encourage other private companies to consider exits to public markets. Among the names referenced in commentary are leading AI startups that have stayed private to date; observers suggest the environment could shift if a high-profile listing proves successful.
Readers considering individual stocks may see headline events such as these as catalysts for broader market movement. One example posed to investors is whether General Motors is attractive at current levels; tools that apply multiple valuation models were promoted to assess relative value across stocks. In that context, a fair value exercise using a mix of valuation approaches can provide a comparative view of a company's valuation profile.
The overview above relies on a compilation of the biggest IPOs by deal size to date and places the recent corporate alignment between SpaceX and xAI into that context. While the potential of a major public offering draws attention, the ultimate size and timing of any offering remain subject to corporate decisions and market conditions.