SpaceX shares made their Nasdaq debut at $150, opening above the $135 IPO price before climbing to around $168 per share as of 12:40 EST, giving the company an implied market value of roughly $1.96 trillion. The offering attracted more than $350 billion in total demand, with the listing turning Elon Musk into the world's first trillionaire and sending the company's market capitalization above $2 trillion. The rocket maker raised $75 billion at a $1.765 trillion valuation, making it the first trillion-dollar IPO in US history and one of the world's most valuable listed companies. According to The Financial Express, the company's first trading session saw shares surge almost 19% to close at $160.95, pushing SpaceX's market value above $2.1 trillion. In premarket trading on Monday, shares were up more than 5%, putting the company on track to add another $100 billion-plus to its valuation. The latest rally pushed Musk's net worth to approximately $1.27 trillion, further widening his lead as the world's richest person, with his wealth crossing the $500 billion mark in October, topping $600 billion in December and surpassing $700 billion just days later.
Unlike most high-profile IPOs, SpaceX allocated a larger share of stock to retail investors, giving everyday traders a rare chance to participate in one of the most anticipated market debuts in years. According to The Financial Express, demand was extraordinary, with requests to buy SpaceX shares more than five times higher than for any IPO on AJ Bell's platform over the past decade. As reported by Business Insider, Dan Coatsworth, AJ Bell's head of markets, noted that "The public relished the opportunity to buy into SpaceX's stock market offer, judging by demand on AJ Bell's DIY platform." This exceptional retail participation reflects strong investor confidence in Musk's vision and the company's position across three fast-growing businesses including rocket launches, satellite connectivity, and artificial intelligence. The company disclosed that it ultimately raised $85.7 billion after underwriters exercised an option to purchase additional shares amid overwhelming demand, with the company having initially planned a smaller offering but expanding following strong institutional and retail interest.
The $190 price target implies an upside of nearly 41% to SpaceX's IPO price of $135, as reported by Moneycontrol. Oppenheimer expects SpaceX, which is aiming for a $1.75 trillion valuation at its debut, to achieve a market capitalization of about $2.5 trillion within the next 12-18 months. New Street Research projects even more aggressive growth, forecasting $195 billion revenue by 2030 and expecting the company to begin generating net profit in 2027 after posting a net loss of $4.9 billion in 2025. The brokerage's valuation is based on ambitious long-term projections that envision SpaceX generating around $900 billion in annual revenue and $500 billion in Ebitda by 2035. Achieving those targets would require approximately $1.6 trillion in cumulative capital expenditure and spectrum-related investments. SpaceX reported revenue of $18.67 billion in 2025 but remained loss-making, posting a net loss of $4.94 billion, as reported by The Economic Times.
According to Oppenheimer analyst Timothy Horan, as reported by Moneycontrol, the brokerage expects Starlink satellite internet service to be the main cash generator, while SpaceX's AI business, including xAI, is projected to become the largest contributor over time. Oppenheimer believes SpaceX is uniquely positioned to benefit from the convergence of artificial intelligence, communications and space-based infrastructure. At a launch event in Starbase, Elon Musk promised to take humanity to Mars, stating "SpaceX wants to be able to take you to the moon, take you to Mars, and ultimately beyond." SpaceX dominates the global launch industry and says it has been responsible for more than 80% of the mass launched into orbit globally over the past three years, as reported by The Economic Times. The company's total addressable market is worth $28.5 trillion, which it described as the largest market opportunity in human history. Starlink has emerged as a major revenue driver, helping transform SpaceX from a pure space exploration company into a broader communications and technology business, with Starlink generating $4.4 billion in operating income last year, up 120% from the previous year.
Before the IPO, Musk said the company is entering "a significant growth phase" with some of SpaceX's most ambitious plans including eventually deploying 100,000 satellites to expand communications services worldwide and pursuing futuristic projects that include space-based data centers. However, as reported by The Financial Express, many of its biggest goals rely on technologies that are still being developed and require enormous investment. The company's AI division alone spent $12 billion last year, contributing to an overall annual loss of $4.9 billion. Given Musk's aggressive expansion plans, heavy spending is expected to continue, with investors betting that some of the most complex and expensive projects in modern technology can become reality. The opportunity is enormous if SpaceX delivers on its ambitions, but investors are also making a significant wager on whether these highly complex and expensive projects can be successfully executed.
