SpaceX has officially entered the ultra-exclusive mega-cap club, surpassing a $2.1 trillion valuation following its historic initial public offering. After pricing shares at $135 on June 3, 2026, the stock surged 17% on its June 12 debut, raising approximately $75 billion. This figure nearly triples the previous record held by Saudi Aramco, cementing SpaceX as the largest IPO in US history.
The monumental listing follows a strategic February 2026 merger with Elon Musk’s AI venture, xAI. The combined entity, now valued significantly higher than Tesla’s $1.6 trillion market cap, positions Musk as the world’s first paper trillionaire while retaining his dominant voting control.
Despite the market euphoria, a stark divergence exists between investor sentiment and fundamental analysis. Morningstar assigns SpaceX a fair value of just $780 billion, highlighting a 48% premium over current prices. With 2025 revenue at $18.7 billion, the stock trades at roughly 93 times trailing revenue. Starlink drives 61% of this income, underscoring the pressure on global broadband scaling, Starship development, and xAI integration to justify the valuation.
Corporate treasury dynamics also draw attention. SpaceX holds approximately 18,712 BTC, valued at $1.29 billion as of March 2026. While a core holding, any future liquidation to manage valuation pressures could introduce significant volatility to the Bitcoin market.