SpaceX has officially entered the public markets with a historic initial public offering. Pricing shares at $135 on June 11, the aerospace giant began trading under the ticker SPCX on Nasdaq, securing a post-IPO valuation exceeding $1.75 trillion.
Peter Haynes, an analyst at TD Securities, views this listing as merely the beginning of significant growth for the company. The financial data supports this bullish outlook: SpaceX reported $18 billion in revenue for 2025, marking a 33% year-over-year increase. First-quarter 2026 results showed another 15% jump. Meanwhile, its Starlink subsidiary posted adjusted EBITDA that surged 86% between 2024 and 2025, with subscriber counts doubling.
Beyond the balance sheet, Haynes is publicly challenging S&P Global’s inclusion criteria. He argues that the strict timeline for adding mega-cap IPOs to the S&P 500 creates an artificial gap between market reality and index composition. Citing Nasdaq’s faster 5-to-15-day window, Haynes contends that delaying SpaceX’s entry hurts passive investors and undermines the index's credibility.
The company also holds an estimated $600 million to $1.29 billion in Bitcoin on its balance sheet, though analysts note this is secondary to core operational metrics. At a price-to-sales ratio of roughly 97x, any eventual inclusion in the S&P 500 could trigger substantial passive fund inflows, providing immediate buying pressure for the stock.