SpaceX (SPCX) Tops $2 Trillion Valuation in Blockbuster Nasdaq IPO Debut
SpaceX began trading Friday on the Nasdaq under the ticker SPCX, surging out of the gate and lifting its market value above $2 trillion in what was described as the largest IPO on record.
The rocket and satellite internet company behind Falcon, Starship and Starlink priced its IPO at $135 a share on Thursday. Trading opened near $150, then extended gains through the session. SPCX touched about $176 at the intraday peak before ending around $161, up roughly 19% on the day. Trading volume exceeded 480 million shares across global venues.
At the high, SpaceX's market capitalization briefly surpassed $2.3 trillion. By the close, it ranked as the sixth-largest public company globally, according to the report.
The offering raised $75 billion, eclipsing Saudi Aramco's 2019 record. The deal used a fixed-price structure, departing from the traditional bookbuilding process typically used for mega-cap listings.
Retail investors were allocated an unusually large portion of the deal—about 20%—helping fuel heavy demand and standout volumes. Elon Musk rang the opening bell remotely, while President Gwynne Shotwell marked the listing at Nasdaq's Times Square venue.
The debut further amplifies Musk's reach across markets. The report said his combined stakes in SpaceX, Tesla and xAI have pushed his net worth beyond $1 trillion, following a February 2026 SpaceX–xAI merger that paired launch capabilities with AI infrastructure ambitions.
Supporters point to operating scale: SpaceX has delivered more than four-fifths of global orbital mass launched in recent years, powered by reusable Falcon rockets, a fast-iterating Starship program and the expanding Starlink constellation. Starlink has grown to millions of subscribers and is projected to generate tens of billions of dollars in annual revenue, adding high-margin recurring cash flow. Management has cited a $28.5 trillion total addressable market spanning launches, global connectivity and orbital data centers.
Skeptics focus on valuation. SpaceX reported about $18.7 billion in 2025 revenue and a net loss of nearly $5 billion, reflecting heavy R&D investment in Starship and AI. That leaves the price-to-sales multiple above 100x, and analysts at Morningstar and CFRA have cautioned that the pricing looks stretched versus fundamentals.
Bulls argue the market is again rewarding long-duration growth, drawing Amazon-style comparisons that emphasize optionality over near-term profitability.
The next catalyst could arrive quickly. SpaceX is expected to enter the Nasdaq-100 under accelerated rules, which could trigger automatic purchases by index funds and ETFs. The report also noted that competing space and satellite stocks sold off sharply on rotation concerns.
