The financial world is riveted by the SpaceX IPO, and for good reason. The company is targeting a Nasdaq debut under the ticker SPCX as early as June 12, 2026, aiming to raise approximately $75 billion at a valuation of at least $1.8 trillion — which would make it the largest IPO in history, nearly tripling the record set by Saudi Aramco in 2019. For investors who have watched SpaceX transform global launch capabilities and build out a data center empire through its xAI division, the excitement is understandable.
But there is a problem most retail investors will run into: the IPO is not a clean, straightforward opportunity. SpaceX set aside a 30% retail tranche — roughly $25 billion worth of shares — and the roadshow opened on June 4, 2026. At a target price of $135 per share, the deal values the company at approximately $1.8 trillion on day one. That leaves very little on the table for investors who buy in at the open. Historically, buying the most hyped IPO in history at its offering price has not been a reliable path to outsized returns.
There is also a disclosure issue worth noting. SpaceX’s IPO prospectus described Anthropic paying $1.25 billion per month through May 2029 to lease compute capacity from xAI’s Colossus data centers. Elon Musk subsequently posted on X that the deal is actually a short-term, cancellable agreement — contradicting the prospectus language. SpaceX later filed an amended prospectus on June 2, 2026, clarifying the arrangement carries an initial three-month term. For a company being valued at nearly $2 trillion, the gap between the original filing and the revised language is a legitimate concern for prospective investors.
None of this means SpaceX is a bad business. It is arguably the most consequential infrastructure company of this generation. But paying a $1.8 trillion valuation on the first day of trading for a company with meaningful disclosure uncertainty is a different question entirely.
The AI Infrastructure Play You Can Already Own
While the SpaceX conversation dominates headlines, one of the most compelling opportunities in AI infrastructure right now is already trading on the open market.
Marvell Technology (NASDAQ: MRVL) builds the custom silicon, optical networking, and data center switching hardware that makes modern AI infrastructure function at scale. It designs custom AI chips for hyperscalers including Amazon Web Services, and its Trainium2 AI training chip — used by both AWS and Anthropic — is in full volume production. On June 2, 2026, Nvidia CEO Jensen Huang took the stage at Computex 2026 in Taipei alongside Marvell’s CEO and publicly stated that Marvell could be the next trillion-dollar company. The market responded: shares surged 32% that day alone, adding more than $40 billion in market cap in a single session.
The endorsement was not empty. Nvidia made a $2 billion strategic investment in Marvell in April 2026 and integrated Marvell’s custom accelerators into NVLink Fusion, its next-generation interconnect architecture. This is a co-development partnership, not a supplier arrangement.
The financial results back the thesis. In Q1 fiscal year 2027, reported on May 28, 2026, Marvell delivered record revenue of $2.418B, up 29% year over year and $18 million above the midpoint of its own guidance. Gross margin held at 52%. Data center revenue now represents 75% of total company revenue, up from 50% just two years ago. Management raised fiscal year 2028 revenue guidance to approximately $16.5 billion — a $1.5 billion increase from the guidance issued just one quarter earlier — and set a longer-term target of more than $10 billion in custom silicon revenue alone by fiscal year 2029.
Shares currently trade at $303.00, giving Marvell a market cap of $265.1B. The trailing P/E is 104.1x on trailing earnings per share of $2.91. The 52-week range of $61.44 to $324.15 reflects how dramatically the market has repriced this business over the past year. Of 14 tracked analysts, 12 carry bullish ratings. The average price target is $240 — notably below the current price after the recent surge — with the high target at $275 from Barclays and Roth Capital.
The Honest Risk Assessment
Marvell is not cheap by any traditional measure. At more than 100 times trailing earnings, the stock prices in sustained execution of its fiscal year 2027 and 2028 guidance. Customer concentration is a real structural risk — a significant portion of revenue comes from a small number of major hyperscaler relationships. Any delay in a custom silicon program, or a reduction in AI infrastructure spending by a key customer, would have an outsized impact on results.
The SpaceX IPO, meanwhile, carries its own risks beyond valuation. The Anthropic compute lease uncertainty is unresolved, and xAI’s AI division reported an operating loss of $2.5 billion in Q1 2026.
For investors looking at the AI and space infrastructure theme that is driving market conversation heading into the week of June 8, 2026, Marvell offers something SpaceX cannot at the moment: a publicly traded, fundamentally strong business that can be bought today, with real earnings, real hyperscaler relationships, and an endorsement from the most influential voice in semiconductors. The valuation requires patience and conviction, but the underlying story is no longer speculative.
Bonus Pick: MAJOR BUY ALERT – NASA, DoD, Huge Banks, AI…
I just got back from New York…
And what I saw on the 50th floor of 4 World Trade Center left me in shock.
I was there to meet with 60-year Wall Street legend Marc Chaikin, a man who built bespoke investment systems for George Soros, Paul Tudor Jones, and Mets owner Steve Cohen.
(Cohen used Chaikin’s proprietary technology to help grow his firm from $20 million to $14 billion… a 69,900% surge in assets.)
Marc’s also rung the opening bell of the Nasdaq stock exchange… created three new indices… and developed an indicator found on every Bloomberg and Reuters terminal in the world.
That said, what he showed me in New York could trump all of those extraordinary accomplishments.
You won’t believe what I discovered at 4 World Trade Center.
It involves NASA, the Department of Defense, huge banks…
And a MAJOR AI upgrade that could add $400 trillion to the global economy.
If you make one investment in 2026, Marc recommends this be it.
P.S. During my talk with Marc, I received a strange message on my phone. And when I saw what was attached, I instantly knew this would be huge… Click here for the full story.
