#MyGateTradeStory SpaceX Jumps to Eighth Among Global Assets After Historic IPO and 39% Two-Day Surge

SpaceX has completed the largest initial public offering in history, and its post-debut performance has been extraordinary. On June 12, 2026, SpaceX (NASDAQ: SPCX) raised $75 billion at an IPO price of $135 per share, establishing a $1.75 trillion valuation at listing already larger than Microsoft at the time of pricing. By the end of its first trading day, the stock surged 19% to close at $161, pushing the market capitalization past $2.1 trillion and making SpaceX the sixth most valuable publicly traded company in the world. On June 15, shares climbed another 20%, adding $412 billion in market value and boosting the total valuation to more than $2.5 trillion placing SpaceX firmly among the top six largest companies on Earth, ahead of Broadcom, Saudi Aramco, Tesla, and Meta.

Elon Musk became the world's first trillionaire as a result, with his approximately 40% stake valued at over $1 trillion. Musk told staffers that in SpaceX's early days, he gave the company less than a 10% chance of succeeding a remarkable contrast to its current position as one of the most valuable enterprises in human history.

The IPO's scale is staggering. SpaceX's $1.77 trillion initial valuation nearly equaled the combined value of the 29 largest U.S. IPOs since 2000, adjusted for inflation, which together total $1.76 trillion. The offering attracted more than $250 billion in investor demand roughly 3.5 to 4 times the $75 billion being raised and retail investors alone placed orders exceeding $100 billion. More than 500 million shares changed hands on the first day, and Alphabet's existing stake was suddenly worth close to $100 billion.

However, the valuation debate is intense. Morningstar's Nicholas Owens placed fair value at approximately $780 billion roughly 55% below the IPO price citing a tiny public float, index-inclusion mechanics inflating demand, and unproven profitability. SpaceX reported $18.67 billion in 2025 revenue, up 33% from 2024, but posted a $4.28 billion net loss in Q1 2026 alone and carries an accumulated deficit of $41.3 billion. The company's total addressable market claim of $28.5 trillion with 93% attributed to AI is viewed by skeptics as ambitious. The AI segment's roughly $2.5 billion quarterly burn rate could suppress free cash flow for years.

The structural dynamics deserve attention. SpaceX reportedly made early Nasdaq-100 inclusion a condition of listing a fast-track that could trigger forced passive buying by index-tracking funds within days rather than the typical months-long seasoning period. This engineered demand, combined with the limited float, has raised concerns that the valuation reflects momentum and mechanical buying rather than fundamental assessment. Lloyd Greif, CEO of Greif & Co., stated: "This was not a deal that was priced based on market forces."

The business is built on three lines: rocket launches, Starlink satellite internet, and AI hardware/software through the merged xAI division. Only Starlink represents a consistently profitable segment. SpaceX merged with xAI in February 2026 in what CNBC called the largest corporate combination in history, valued at $1.25 trillion. The merged entity's future depends heavily on Starship success and AI investment trajectory both carrying significant execution risk.

For investors considering SPCX, the key tension is between undeniable operational achievement and unprecedented financial expectations. SpaceX has revolutionized orbital launch economics, built the world's most active satellite internet network, and created an AI platform with genuine demand. But at $2.5 trillion, the market is pricing decades of perfect execution into a company that has never turned an annual profit. The distinction between SpaceX as a transformative enterprise and SPCX as a sound investment at current prices is one that every participant must evaluate with discipline rather than momentum.

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