On its second day of trading on the Nasdaq, SpaceX surged to a market capitalization of about $2.43 trillion, easily surpassing pre-IPO estimates. Shares climbed over 16% to $187.50 in afternoon trade, adding roughly $26 per share and pushing the company’s valuation well above the $2 trillion mark. Trading volume remained heavy, with over 196 million shares changing hands, and the stock touched an intraday high near $188.80.
Before going public, many analysts expressed skepticism about the company’s worth. Morningstar’s fair value estimate was $63 per share, far below the $135 offering price. But investor demand proved far stronger than anticipated, with orders vastly exceeding supply. The stock now trades at almost three times Morningstar’s valuation, defying Wall Street’s doubts.
SpaceX’s $75 billion IPO was the largest in history, selling over 555 million shares at $135 each. The stock opened at $150 on day one and closed more than 19% above the offer price. While the company’s financials show an $8.7 billion loss since early 2025 on $18.7 billion in revenue last year, investors appear focused on its future potential, particularly in space exploration and satellite communications.
Institutional support has been strong. Cathie Wood’s ARK Invest bought $444 million worth of shares on June 12, among its largest portfolio moves. Meanwhile, Michael Saylor of Strategy noted that SpaceX holds 18,712 Bitcoin, pushing the share of Mag 8 companies with Bitcoin treasuries to 25%. Kevin O’Leary has also backed the valuation, emphasizing growth over current earnings.
With its meteoric rise, SpaceX now ranks ahead of Meta, Samsung, and Tesla in market cap, trailing only Nvidia. Elon Musk’s personal wealth has correspondingly soared, cementing his position among the world’s richest. The stock’s performance suggests that for many, the promise of interplanetary travel and global internet coverage outweighs near-term bottom-line concerns.