SpaceX Starts Nasdaq Trading in Record IPO Valued Above $2 Trillion

The stock dropped as much as 5% to around $147 in pre-market trading, below its first-day opening price of $150.

Way back on July 20, 1969, the United States made history when astronaut Neil Armstrong took the first steps on the moon and, with great drama, verbally confirmed the historic event back to earth. Now Elon Musk and SpaceX have achieved a somewhat comparable milestone. On June 12, the much-anticipated and highly-hyped initial public offering of SpaceX proved a success of stratospheric proportions. The stock quickly rose 19 percent. Musk has become the first trillionaire in history. Make that the first trillionaire on earth. Musk is anxious not only to explore other planets but also populate them. There is no doubt that he is a visionary, in multiple meanings of that term. When he talks, we should pay attention – though not necessarily agree. SpaceX quickly became the sixth most valuable publicly listed company, boasting a capitalization of $2.1 trillion. Shares began trading at $150, 11 percent above the initial public offering price of $135, The share price at the end of the first trading day was $160.95. Significantly, the five companies with greater initial value than SpaceX are all c

Retail trading in SpaceX, officially named Space Exploration Technologies Corp., was the strongest of any IPO in recent history.

SpaceX’s blockbuster stock market debut has started to show signs of cooling after an initial surge. Following the largest IPO in history, shares of Elon Musk’s aerospace and AI company had jumped over 60% within a few sessions, briefly pushing it among the world’s most valuable firms.However, the stock has now fallen for a second consecutive day, retreating from its June 16 peak. Even so, it still trades about 37% above its IPO price of $135, reflecting strong early investor enthusiasm.Market observers attribute the decline primarily to profit-taking rather than weakening fundamentals. Analysts note that the rapid rally, combined with limited float, naturally triggered a pause. While some experts are calling it an “exhaustion phase” after a near-vertical climb, others called it a typical post-IPO correction.Despite investor excitement around SpaceX’s long-term vision—spanning reusable rockets, satellite internet, AI infrastructure, and space-based data systems—its valuation has surged ahead of current financial performance. The company’s valuation has crossed $2 trillion despite revenues still lagging behind major tech peers like Microsoft and Amazon.Financially, SpaceX remains under pressure, reporting a $4.3 billion loss last year and not expected to turn profitable soon. Continued heavy investment in long-term projects has raised questions about near-term earnings visibility. Elon Musk Says Quadrillionaire Status ‘Not Impossible’ as SpaceX Wealth Soars Analysts say upcoming earnings reports will be crucial in testing investor conviction.Retail investors played a significant role in the IPO rally but have recently begun moderating their buying activity, with some profit-taking emerging in early trading sessions.Despite volatility, many analysts remain optimistic. Some forecast massive revenue potential by 2030, though they caution that execution risks remain high due to the complexity of space operations and technology development.Looking ahead, potential inclusion in major indices like the Nasdaq 100 could provide fresh demand for the stock, supported by passive fund inflows. However, for now, the pullback reflects valuation concerns and caution ahead of SpaceX’s first earnings test as a listed company.

SpaceX’s valuation reflects the lack of shares available for sale and specualtive mania gripping markets more than its financial accounts or operating performance.

SpaceX has rapidly added $1 trillion in market capitalization since its recent public debut, reaching approximately $2.7 trillion and positioning itself as the fifth largest company globally, close to overtaking Microsoft. Mandeep Singh has more on "Bloomberg Open Interest." (Source: Bloomberg)