SpaceX shares are extending their steep upward run. Following the largest IPO in history, the stock posted another sharp gain on its second trading day yesterday (Monday) — propelling Elon Musk’s rocket and satellite company into the ranks of the world’s most valuable companies within just a few days.
Two trading days, one steep climb
On Monday, its second trading day, SpaceX stock rose roughly +19.6% on the Nasdaq, closing at $192.50. That continued the strong momentum of its debut: on day one, Friday, the stock had already climbed from its $135 offering price through a $150 open to a closing price of around $161 (+19.2%). Since its market debut on Friday, the gain now adds up to +41.39%.
For context: SpaceX (ticker SPCX) has only been publicly listed since June 12, 2026. The offering price was set at $135 per share, valuing the company at roughly $1.75 trillion at IPO. With an issue volume of about $75 billion, it was the largest IPO of all time — surpassing the previous record holder, Saudi Aramco, from 2019.
No. 6 among the world’s most valuable companies
With the latest jump, SpaceX’s market capitalization has risen to around $2.52 trillion. That moves the company up to 6th place in the ranking of the world’s most valuable listed companies — ahead of heavyweights such as TSMC, Broadcom, Saudi Aramco and Musk’s other company, Tesla.
| Rank | Company | Ticker | Market Cap | Price | Daily Change | Country |
|---|---|---|---|---|---|---|
| 1 | NVIDIA | NVDA | $5.145T | $212.45 | +3.54% | USA |
| 2 | Alphabet (Google) | GOOG | $4.479T | $367.11 | +2.50% | USA |
| 3 | Apple | AAPL | $4.353T | $296.42 | +1.82% | USA |
| 4 | Microsoft | MSFT | $2.969T | $399.76 | +2.31% | USA |
| 5 | Amazon | AMZN | $2.646T | $246.02 | +3.13% | USA |
| 6 | SpaceX | SPCX | $2.519T | $192.50 | +19.60% | USA |
| 7 | TSMC | TSM | $2.289T | $441.40 | +4.12% | Taiwan |
| 8 | Broadcom | AVGO | $1.874T | $393.94 | +3.11% | USA |
| 9 | Saudi Aramco | 2222.SR | $1.723T | $7.13 | +0.60% | S. Arabia |
| 10 | Tesla | TSLA | $1.544T | $411.15 | +1.16% | USA |
“T” = trillion US dollars. As of June 16, 2026.
What’s driving the price
Behind the rally lies not so much the classic rocket business as Starlink: the satellite-internet service counts more than 10 million users, according to the company, and relies on roughly 9,600 satellites in orbit — it’s seen as the real value driver behind the valuation. Add to that the scarcity factor: for the first time, retail investors can buy a stake in the world’s largest private space company, which fueled demand in the first trading days. The IPO order book reportedly held more than $250 billion in demand — many times the volume actually placed.
The narrative around AI compute in orbit and a stake in Musk’s other tech ventures also feeds into investor imagination. One notable detail from the prospectus: according to the S-1, SpaceX holds 18,712 Bitcoin on its balance sheet.
The uncomfortable valuation question
As spectacular as the start has been, the warning signs are just as clear. The fundamentals aren’t keeping pace with the share price: in 2025, SpaceX generated around $18.67 billion in revenue (+33% year-on-year), but also posted a net loss of $4.94 billion — driven largely by its AI division. After two trading days, the price-to-sales ratio sits beyond 100x — an exceptionally high figure even for a growth stock.
Analyst consensus, too, urges caution: the average 12-month price target, at around $164, sits below the current price. Skeptics — from Morningstar to prominent short sellers — point to a valuation that rests almost entirely on future growth. SpaceX pays no dividend.
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