SpaceX's recent IPO has sent its valuation soaring past $2 trillion, solidifying its place among the tech giants. On June 3, 2026, the company priced its shares at $135, aiming for a valuation of around $1.77 trillion. Following the debut on June 12, shares skyrocketed by about 17%, catapulting the market cap into ultra-elite territory, joining the likes of Apple and Microsoft.
What makes this IPO historic in the landscape of public offerings? The event raised approximately $75 billion, marking it as the largest IPO in US history. For perspective, consider that Saudi Aramco raised about $25.6 billion during its 2019 debut; SpaceX nearly tripled that amount, highlighting extraordinary demand among investors.
SpaceX's transformation gained momentum with its merger with Elon Musk’s AI venture, xAI, in February 2026. This strategic move valued the combined entities at approximately $1.25 trillion, effectively setting the stage for this significant public offering only months later.
Currently valued at around $2.12 trillion, SpaceX has eclipsed Tesla’s market capitalization, which stood at around $1.6 trillion at the time of the merger. Musk’s continued influence is evident, as he maintains substantial voting power following the IPO, leading to reports that he may be the world’s first trillionaire on paper.
Is there a disconnect between market expectations and the fundamentals? Morningstar has assessed SpaceX's fair market value at $780 billion, indicating a staggering 48% gap between this estimate and the current market price. This suggests that Wall Street has high expectations for the company, which reported an impressive $18.7 billion in revenue for 2025. At the current valuation, this equates to approximately 93 times trailing revenue.
A significant portion of that revenue, about 61%, comes from SpaceX's Starlink service, with additional income from launch services and emerging AI initiatives post-merger. Investor enthusiasm drove pre-IPO private market valuations upward, as the expectations soared for Starlink’s global expansion and AI advancements.
How does Bitcoin factor into SpaceX’s valuation? As of March 2026, SpaceX holds roughly 18,712 BTC, which valued around $1.29 billion, positioning it among the larger corporate Bitcoin holders in the US. If SpaceX chooses to liquidate some holdings in the event of valuation pressure, it could introduce nearly 19,000 BTC to the market, impacting cryptocurrency dynamics.
Looking ahead, the significant gap between Morningstar's valuation and SpaceX's market cap showcases the need for sustained growth. To justify its current price, SpaceX must successfully scale its Starlink operations, continue the development of the Starship project, and effectively incorporate AI innovations. Any misstep in these ambitious initiatives could put immense pressure on a valuation that is currently predicated on flawless execution.