SpaceX shares jumped nearly 20% Monday in the Elon Musk-led rocket company’s first full day of trading following its record-shattering debut last week on the Nasdaq. 

About 120 million shares had changed hands by 12 p.m. ET Monday, after trading volume on Friday broke past 500 million shares – nearing Facebook’s debut in 2012, when nearly 580 million shares were traded.

The historic debut on Friday opened at $150 a share, making it the largest-ever IPO and immediately shooting the company’s valuation above $2 trillion. It closed up 19.6% at $192.45.

In Sunday posts on X, his social-media platform, Musk claimed that SpaceX “might be able to reach” roughly $1 trillion revenue in 2030 – and “I would be surprised if revenue is not greater than $1T in 2031.”

That would be a huge growth trajectory, after SpaceX reported $18.7 billion in revenue last year.

SpaceX is perhaps best known for its reusable rockets and ambitions to colonize Mars.

But the company also owns Starlink, Musk’s satellite internet service provider, which has become a major government contractor over the past few years – and was the sole profitable division in 2025.

In February, Musk merged SpaceX with his artificial-intelligence startup, xAI.

The company’s massive spending on AI has weighed on its profits – and Musk has shown no signs of planning to slow down.

In 2025, SpaceX lost nearly $5 billion as its annual capital expenditures hit $20.7 billion.

In just the first quarter of 2026, SpaceX’s spending hit $10.1 billion – with AI accounting for $7.7 billion. That dwarfed its total spending in the same period last year of $4.1 billion.

Yet last week’s IPO easily smashed records, sparking a debate over whether the stock – and the broader AI, space and tech industries – are being overvalued.

CFRA on Friday gave SpaceX a “sell” rating with a 12-month price target of $115, which is nearly a 29% drop from Friday’s closing price. It attributed the less-than-enthusiastic outlook to “the company’s extremely ambitious growth strategy, elevated valuation expectations and significant capital intensity.”

“Investors aren’t buying today’s fundamentals – they’re buying Elon Musk, Starlink, AI, space infrastructure and the belief that SpaceX will dominate industries that don’t fully exist yet. That’s exciting, but it also means expectations are getting very high,” Scott Martin, partner at Kingsview Wealth Management, told The Post.

“Can the stock continue to rise? Absolutely. But after a nearly 16% jump on top of a record IPO, investors should recognize that a lot of future expectations are already being priced in.”

In a note ahead of the IPO, Morningstar analyst Nicolas Owns said the firm values SpaceX at just $63 per share – calling the stock “overvalued.”