SpaceX Priced at $135 Tonight. The Largest IPO in History Opens Tomorrow — and the Market Gets to Vote on AI Infrastructure.

SpaceX priced at $135 tonight — 556 million shares, $75 billion raised, $1.75 trillion market cap. When SPCX opens on Nasdaq tomorrow morning, it will be the largest IPO in stock market history. For the first time since OpenAI's $122 billion private round closed in Q1, public market investors are being asked to assign a precise price to AI infrastructure concentration — in a liquid market, with real consequences for every infrastructure deal that follows.

The financial profile deserves a careful read. Starlink generated $11.4 billion in revenue in 2025, with $4.4 billion in operating profit — the only GAAP-positive segment in the company. Everything else is a thesis: Starship reusability, orbital AI compute clusters not deploying until 2028, and the Colossus data center in Memphis that Anthropic pays $1.25 billion per month to access through May 2029. Morningstar published a note calling the $1.75 trillion valuation nearly twice fair value. Institutional investors priced the stock at full target anyway. That gap between financial model and institutional conviction is worth naming: it is the infrastructure premium — the additional value public investors are willing to assign to whoever controls the physical layer that AI companies depend on and cannot easily replicate.

The Anthropic contract sits at the center of the valuation argument. $1.25 billion per month. $15 billion per year. Through May 2029 — with a 90-day exit clause available to either party. A $1.75 trillion valuation partially supported by a 90-day-cancellable contract from a company that just filed its own S-1 is a pricing argument public markets will stress-test in real time. If Anthropic exits Colossus after its own IPO raises the capital to build competing infrastructure, the contract revenue disappears with a single notice. Whether institutional investors priced that optionality at $135 will be visible from the opening print tomorrow morning.

The opening trade answers a specific question that every private AI infrastructure deal has been posing without resolution. When you price the physical layer of AI on a public exchange, does dependency concentration carry a premium or a discount? If SPCX trades above $150, it confirms the infrastructure premium as structural — and that read propagates into private market deal pricing across the sector. If it opens below $135, the 90-day Anthropic clause and the Morningstar fair-value argument start appearing in term sheets for infrastructure-layer AI companies across the market.

The structural signal doesn't depend on where SPCX opens. SpaceX moved from rocket company to AI infrastructure company between the May S-1 filing and tonight's pricing, and institutional investors followed that narrative with $75 billion in subscriptions. The companies at the physical layer of AI have successfully argued their way into a valuation framework that the intelligence-as-software layer hasn't claimed yet. For application-layer founders building in Brazil or LatAm: when infrastructure companies price at $1.75 trillion and the application layer still trades at enterprise SaaS multiples, the structural arbitrage is not subtle. It is closing faster than most people expected — and the opening print tomorrow morning is the first public data point on how quickly.