SpaceX began trading at $135 per share and closed its first day at $160.95, giving the company a market value of about $2.1 trillion and placing it among the world’s ten largest companies. The stock opened at $150, climbed to nearly $176 intraday, and finished up 19% from its initial price, though below some pre-listing expectations that pointed to a higher valuation.
Strong demand meets limited float
The company issued roughly 555.6 million class A shares, representing about 4.2% of total equity, with an initial valuation near $1.77 trillion. Due to strict lock-up rules, including a 366-day restriction for senior executives, the free-float market capitalization was limited to around $75 billion.
Demand for the offering exceeded supply by about four times, with subscription requests topping $250 billion. Retail traders accounted for about 20% of allocated shares, significantly higher than typical IPO participation levels.
Ownership remains concentrated
Chief executive Elon Musk retained about 42% of total shares. Early backers including Valor Equity and Google held approximately 7.3% and 5% respectively, while employees and former employees controlled an estimated 10–15%.
Losses persist despite Starlink strength
Despite the strong debut, the company remains in a loss position. SpaceX reported a $4.9 billion net loss for 2025 and an additional $4.28 billion loss in the first quarter of 2026.
Starlink stands out as the only profitable division. It generated $11.387 billion in revenue in 2025 and $4.423 billion in operating earnings, accounting for about 61% of total revenue. By early 2026, Starlink had more than 10.3 million users and 9,600 active satellites, with first-quarter revenue of $3.257 billion and operating profit of $1.188 billion.
The launch division continued to weigh on results, posting a $657 million operating loss in 2025 and $662 million in the first quarter of 2026, largely due to ongoing Starship development costs.
Long-term vision centers on space computing
The company also outlined a “space computing” initiative aimed at deploying 100GW of orbital AI computing capacity annually using solar power. The projected addressable market was estimated at $28.5 trillion, far exceeding SpaceX’s current operational scale and reinforcing its long-term growth narrative.
Key milestones ahead for trading activity
Attention is now shifting to upcoming events that could influence trading momentum. In mid-July, SpaceX is expected to qualify for inclusion in the Nasdaq-100 after 15 trading days, a move that could trigger significant passive fund inflows and increase liquidity.
In August, the company will report second-quarter results alongside a partial lock-up expiration. Employees and early shareholders will be allowed to sell up to 20% of their restricted holdings, or up to 30% under certain price conditions, potentially increasing market supply.
Market tests sustainability of valuation
SpaceX’s debut shows strong demand driven by its growth narrative, particularly around Starlink and future projects. However, the company now faces increasing scrutiny over whether revenue growth and operational performance can support its $2.1 trillion valuation as losses continue and new shares enter the market.
Watching SpaceX’s valuation? Compare it with Bitcoin’s trajectory in our guide: discover parallels and risks here.
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