Key Takeaways
- SpaceX (SPCX) climbed 5.6% in premarket trading Monday, reaching $169.92 after a 19% surge on its first trading day
- The company’s $75 billion IPO set a record as the largest public offering ever, establishing a $2.1 trillion market valuation
- Shares command a premium at 61 times projected 2026 revenue while the company remains unprofitable
- CEO Elon Musk indicated on X that annual revenue could exceed $1 trillion by 2030
- S&P 500 inclusion remains off the table for at least one year following the public offering
Space Exploration Technologies made its entrance on the Nasdaq exchange Friday trading under ticker SPCX, finishing the session 19% higher at approximately $161 from its $150 opening price. During first-day trading, shares peaked at $176.52.
Space Exploration Technologies Corp., SPCX
During Monday’s premarket session, the stock tacked on an additional 5.6%, trading at $169.92. The advance coincided with broader market strength, as S&P 500 futures climbed 1.3% following news of a temporary peace agreement between the United States and Iran.
The public offering generated $75 billion in proceeds, establishing a new benchmark for IPO size. SpaceX concluded Friday’s session with a market capitalization near $2.1 trillion.
First-day trading volume exceeded 500 million shares, rivaling the approximately 580 million shares that changed hands during Facebook’s 2012 market debut.
If SPCX held S&P 500 membership, Monday’s premarket performance would have placed it fourth among index components. Only Micron Technology, Seagate Technology, and Western Digital posted stronger gains.
Early Signs of Momentum Trading
The three leading stocks — Micron, Seagate, and Western Digital — have established themselves as momentum plays this year, attracting investors who buy on strength anticipating continued appreciation. SpaceX appears to be developing similar characteristics within its first two days of public trading.
During a JPMorgan Chase livestream before the listing, Musk revealed that SpaceX has generated positive cash flow since approximately 2015 and characterized the IPO as launching “a significant growth phase.” His vision includes deploying over 100,000 satellites into orbit and establishing artificial intelligence data centers in space.
The lofty valuation has drawn skepticism from certain market participants. Current pricing represents 61 times anticipated 2026 sales for a company that has yet to achieve profitability.
Musk took to X on Sunday, asserting that SpaceX revenue could surpass $1 trillion by 2030, commenting on a Morgan Stanley projection making the rounds on social media.
The Expanding Space Industry
Jefferies analysts published research coinciding with the IPO, estimating the worldwide space economy at $600 billion with potential growth to $1.8 trillion by 2035, identifying defense as the sector’s fastest-expanding segment.
The United States government represents approximately 60% of global governmental space expenditures, totaling around $80 billion. The Space Force budget increased 40% year-over-year in fiscal 2026 to $40 billion — substantially exceeding NASA’s $24 billion allocation.
SpaceX ranks as NASA’s second-largest commercial partner by contract value, securing $2.1 billion in 2025 agreements spanning launch operations, communications systems, and information technology infrastructure.
Jefferies noted that “the U.S. government has effectively outsourced significant space activity to SpaceX, creating an inextricable linkage between federal spending priorities and the company’s business.”
SpaceX remains ineligible for S&P 500 inclusion for a minimum of 12 months following its IPO, according to S&P Dow Jones Indices requirements.
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