SpaceX listed on the Nasdaq under the ticker $SPCX on June 12, 2026, raising $75 billion by selling roughly 555.6 million shares at $135 each. That puts the company’s valuation at approximately $1.77 trillion, making it the most ambitious public offering in corporate history.
And Dan Niles, the veteran tech investor who has built a reputation for calling out overheated valuations, is already waving the caution flag.
During a live stream covering the IPO, Niles laid out his case for why SpaceX’s market debut carries serious risks for investors who buy in at these levels. His core argument: a company trading at 90 to 95 times trailing revenue, with decelerating growth and billions in operating losses, is priced for a future that may not arrive on schedule.
The numbers behind the hype
SpaceX generated approximately $18.7 billion in revenue in 2025. It also posted operating losses of around $4.2 billion. So investors are paying a nearly $1.8 trillion price tag for a business that is, by traditional metrics, still losing significant money.
