Goodfin Wire #17: SpaceX IPO, Tech IPO Summit, and Pre-IPO Tracking

The IPO window is opening. Where do you sit?

Last week, the window cracked open. This week, it’s swinging wide. SpaceX prices this week at $135 — the largest IPO in history at a $1.77 trillion valuation — with Anthropic filing at $965 billion and OpenAI quietly preparing its own filing toward $1 trillion. Three companies, potentially over $3 trillion in combined market cap, are entering public markets in a single year. This edition puts a spotlight on private markets through a celebration, a summit, and a product. We also share what the pipeline looks like for the rest of the year, and where the real decisions are being made. Let's go.

→ SpaceX IPO—We’re hosting a pre-IPO party in SF to celebrate
→ Goodfin’s NYTech Week takeover—Tech IPO Summit at Nasdaq defined the week
→ Track Pre-IPO Companies—Power your research with our pre-IPO discovery engine
→ Member Poll: What’s your portfolio strategy post SpaceX IPO?

Join us for an evening that belongs in the history books. We're celebrating the eve of SpaceX's IPO (aka pre-IPO) alongside the opening of the Exploratorium’s new Life in Space exhibition—because if you're going to mark a milestone this big, you might as well do it among the stars.

Your admission gets you access to After Dark festivities and our dedicated lounge with beverages and light bites. A cash bar is available to toast the milestone with fellow investors. Costumes or festive attire suggested.

Limited space available. For Goodfin members only. Complimentary admission for Premium & Reserve members (contact us for exclusive access info).

Last Tuesday at Nasdaq MarketSite, we brought together some of the sharpest practitioners in private markets, IPO execution, and equity planning for a conversation that couldn't have been better timed.

Anthropic announced its confidential filing. SpaceX lists on Nasdaq this week. The largest IPO in history — $1.75 trillion, 24 years in the making — is no longer a hypothetical. Everything we talked about in that room is now real.

What we covered:

Videos from the summit will be available on the Goodfin platform shortly — stay tuned.

Goodfin was proud to partner with Female Investors Club (FIC), Morrison Foerster, and Pilot.com to host an evening discussion in Los Angeles exploring one of the most important shifts happening in investing today: how AI is transforming both what investors invest in and how they invest.

The conversation brought together leaders from across the AI ecosystem, including Gina Sanchez (CEO of Chantico Technology and CNBC Contributor), Petra Griffith (Founder and Managing Partner of Wedbush Ventures), Jennifer Byrne (Female Investors Club), and our own Anna Joo Fee, Founder & CEO of Goodfin.

The discussion moved beyond the headlines and hype to focus on practical applications. Topics included how AI is changing investment research and due diligence, where investors are finding opportunities across the AI stack, how institutions and individuals can leverage AI tools to make better decisions, and why human judgment remains critical even as technology becomes more capable.

A special thank you to our partners, speakers, and the incredible community of investors, founders, and operators who joined us.

Nvidia built the chips for training models. SpaceX is building the infrastructure to connect and run them — from orbit. As AI shifts from data centers to planetary-scale compute, the company that owns the pipes, the satellites, and the rockets becomes something more than a launch provider. Friday, the market assigns a number to that position.

SpaceX prices tomorrow and begins trading on Nasdaq under SPCX on Friday, June 12 at a fixed offer price of $135 per share, implying a ~$1.75 trillion valuation — the largest IPO in history. Behind the demand: $18.7 billion in 2025 revenue (up 33% YoY), Starlink’s 39% operating margins across 10.3 million subscribers in 164 countries, and an integrated AI stack through the xAI merger and the COLOSSUS compute infrastructure. Ahead of the listing, SpaceX also completed a 5:1 stock split, taking the fair market value from $526.59 to $105.318 per share post-split.

For Goodfin investors holding a pre-IPO position — congratulations. Your position was established well below the $135 IPO price. Shares will be subject to a phased 180-day lock-up, with the first tranche eligible for release following SpaceX’s Q2 2026 earnings in August, and subsequent releases tied to time-based milestones and share price performance conditions per the S-1. We will be in touch with specifics on your position, release timing, and next steps.

The signal that matters surfaced for you. Here's what our AI pulled from the noise this week:

1. Databricks is in talks for a new round at up to $175 billion. Databricks is in discussions with investors about a new funding round targeting a valuation between $165 billion and $175 billion, which would be a roughly 30% premium to its $134 billion mark from February 2026. The company reported a $5.4 billion revenue run rate in February, growing 65% year over year. CEO Ali Ghodsi has told investors the company remains IPO-bound, potentially as soon as 2027. Read More

2. Waymo closed $16 billion at a $110 billion valuation. Waymo finalized a $16 billion round at a $110 billion valuation, a 144% increase from its $45 billion Series C in 2024. Alphabet contributed more than three-quarters of the funding, with Sequoia Capital, Dragoneer, and DST Global joining as new investors. Waymo has now completed more than 20 million autonomous trips and is expanding to 20 cities in 2026 including London and Tokyo. Read More

3. Suno raised $400 million at a $5.4 billion valuation. Suno, the AI music generation company, raised a $400 million Series D led by Bond Capital, more than doubling its $2.45 billion valuation from just seven months ago. The company has surpassed 2 million paid subscribers and is projecting $300 million in annual revenue. Read More

4. OpenAI offered $800 million in compute to 169 YC startups for equity. At a closed-door YC dinner in May, Sam Altman offered every startup in the Spring 2026 batch $2 million in OpenAI API tokens in exchange for equity via uncapped SAFE. Total compute committed across the spring and potentially summer batches reaches approximately $800 million. It is the first time a foundational AI company has used compute as a currency for venture investing at this scale. Read More

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43% Wait & See Mode 👀 The remaining votes split between waiting for lock-up expiry and those who didn't invest. The data suggests members are less divided on Cerebras itself than on the risk profile of the IPO window — caution on entry timing rather than conviction on the name.

FAANG of the next generation. A new era. Next level bananas.

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