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SpaceX landed on the Nasdaq on June 12 under the ticker SPCX, and shares priced at $135 surged 19% on the first day of trading, closing around $161. By day two, the stock had climbed to approximately $192.50, briefly pushing SpaceX’s market capitalization past $2 trillion and, during certain sessions, touching nearly $2.5 trillion.
That valuation temporarily eclipsed the total cryptocurrency market cap and major S&P 500 names like Amazon. For a company that lost $4.9 billion in 2025, that’s quite a welcome party.
The numbers behind the hype
SpaceX raised $75 billion, making it the largest initial public offering in history. Not the largest tech IPO. Not the largest US IPO. The largest, period.
SpaceX reported $18.7 billion in revenue for 2025, a 33% year-over-year increase. But the company also posted a net loss of $4.9 billion. At its IPO price, SpaceX was trading at roughly 93 to 100 times trailing sales. The S&P 500’s most richly valued mega-caps rarely sustain price-to-sales ratios above 15 or 20.
Morningstar analysts estimated SpaceX’s fair value at around $780 billion, or roughly $63 per share. The stock was trading at more than three times that estimate within 48 hours of listing.
FOMO as a financial force
SpaceX has fundamentally reshaped the economics of space launch, built the Starlink satellite internet constellation into a revenue-generating business, and positioned itself as the backbone of both commercial and government space infrastructure.
Since mid-May, Bitcoin ETFs have seen outflows of nearly $5.75 billion. The timing overlaps with the buildup to SpaceX’s IPO. A $75 billion IPO is a gravitational force that distorts capital flows across asset classes. Bitcoin, Ethereum, and altcoins compete with every other asset for marginal investor dollars.
For equity investors, SpaceX is trading at valuations that demand perfection. At 93 to 100 times sales with a $4.9 billion annual loss, the company needs to not just grow but accelerate growth while simultaneously finding a path to profitability.
Morningstar’s $63 fair value estimate implies that more than half of SpaceX’s current market price is pure sentiment premium. SpaceX the company is building something genuinely transformative. SPCX the stock is priced as if that transformation is already complete and then some.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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