Can SpaceX IPO Deliver? Devere Says Real Test Comes After

SpaceX’s June Debut Could Test Public Demand for Historic IPO

SpaceX’s long-awaited stock market debut is shaping up as one of the most closely watched IPOs in modern financial history. Devere Group, a global financial advisory firm, warns that the company’s expected June 12 debut could test whether public investors will support nearly $1.8 trillion in private-market ambition.

The company’s filing with the U.S. Securities and Exchange Commission (SEC) shows the scale and structure behind the offering. SpaceX is offering 555,555,555 Class A shares, with no public market currently existing for the stock. At an assumed IPO price of $135 a share, Elon Musk would hold about 82.4% of the company’s voting power after the offering, keeping control concentrated as public investors enter.

“These listings are being treated as a coronation for the AI era. Investors see OpenAI, Anthropic and SpaceX as companies shaping the future, and there’s no question that demand for their shares is likely to be intense. I think they’ll raise their cash,” Devere CEO Nigel Green expressed on June 9. However, he cautioned:

“But raising the money is, typically, the easiest part. The real test begins on day one of life as a public company.”

What SpaceX Must Prove After the IPO Rush

SpaceX’s IPO may attract intense demand, but Green frames that outcome as only the first measure of market confidence. A strong listing could validate private valuations, encourage more high-profile IPOs, and reinforce the AI-led investment story behind recent stock market gains.

OpenAI and Anthropic make the SpaceX debut part of a larger public-market test. All three companies carry enormous expectations, operate on long timelines, and require heavy investment. Once listed, public investors will judge whether ambition can become repeatable financial performance.

The pressure comes from the scale of spending required to compete. SpaceX, OpenAI, and Anthropic need major investment in infrastructure, computing power, talent, energy, and product development. Revenue growth may support early enthusiasm, but markets will also want margins, execution, and a credible path to earnings.

“Once listed, every quarter becomes an examination. Investors want evidence. They want growth, margins, execution and progress. Expectations that seem manageable in private markets can become relentless under the glare of public ownership,” Green explained, warning:

“Some of the most celebrated IPOs of the modern era suffered sharp falls after going public. Initial euphoria can fade remarkably quickly. If they disappoint, sentiment can cool rapidly and valuations across the industry could come under pressure.”

Competition will determine how much of the IPO excitement survives after listing. SpaceX, OpenAI, Anthropic, major technology companies, and emerging challengers are all fighting for customers, engineers, infrastructure, and capital. The lasting market winners will likely be those that deliver consistent execution after the opening surge.