SpaceX has only been a public company for a matter of days, but the market value of the Elon Musk-led company has already rocketed past some of the biggest names in America.The space exploration and satellite internet giant has overtaken Amazon to become the world's fifth most valuable publicly traded company after a stunning post-debut rally sent its valuation soaring to around $2.66 trillion.Shares have surged roughly 56 percent since the company's June 12 stock market debut, climbing from their IPO price of $135 to around $211, briefly pushing SpaceX ahead of both Amazon and, for a short period during trading, even software giant Microsoft.The extraordinary rise means an investor who put $5,000 into the stock at its IPO would already be sitting on gains of more than $2,800.However, while excitement around the company remains high, some market observers are warning that investors may be overlooking a key risk that could put pressure on the stock in the months ahead.Founded by Elon Musk in 2002, SpaceX has transformed from an ambitious rocket startup into one of the most influential aerospace companies in the world.The company operates launch services for governments and private companies, develops spacecraft and reusable rockets, and owns Starlink, the satellite internet network that has become its biggest business.Starlink now serves more than 10.3 million customers worldwide, double the number from a year ago, and generated approximately $11.4 billion of SpaceX's total $18.7 billion revenue in 2025. SpaceX has only been publicly traded for a matter of days, but the Elon Musk-led company has already rocketed past some of the biggest names in corporate AmericaImportantly, Starlink is currently the company's only profitable division, producing around $4.4 billion in operating profit last year.Analysts expect revenue to grow dramatically over the next two years, with forecasts suggesting sales could jump to $34.5 billion in 2026 and then rise again to $64.5 billion in 2027 as demand for satellite internet and commercial space services continues to expand.The company also recently announced plans to acquire AI coding startup Cursor in a deal valued at approximately $60 billion, further strengthening its ambitions in artificial intelligence.Despite the excitement, not everyone is convinced the stock's meteoric rise is justified.At its current valuation, SpaceX is worth roughly $2.5 trillion despite posting a net loss of $4.9 billion last year.That means the company is trading at around 130 times its annual sales - a level many analysts would consider extraordinarily expensive.For comparison, even some of the world's largest and most profitable technology companies trade at significantly lower valuations relative to their revenue.The rapid rise has prompted comparisons with the early trading days of other Musk-led ventures, particularly Tesla, where investor enthusiasm often outpaced traditional valuation metrics. Founded by Elon Musk in 2002, SpaceX has transformed from an ambitious rocket startup into one of the most influential aerospace companies in the world Despite the excitement, not everyone is convinced the stock's meteoric rise is justified. At its current valuation, SpaceX is worth roughly $2.5 trillion despite posting a net loss of $4.9 billion last yearOne issue increasingly being discussed by investors is the company's lock-up schedule.Lock-up periods are common after initial public offerings and prevent company insiders, founders and early investors from immediately selling their shares after a stock begins trading.The purpose is to avoid a flood of selling that could send the share price tumbling shortly after an IPO.SpaceX has adopted a staggered lock-up structure rather than the traditional single release date.Under the arrangement, some early investors will be able to sell up to 20 percent of their holdings shortly after the company's next earnings report. Additional portions of shares will then be released at scheduled intervals before the restrictions fully expire after 180 days.Because only around 5 percent of SpaceX shares are currently available for public trading, some investors believe the limited supply of stock has contributed to the dramatic rise in the share price.The concern is that once more shares become available, early backers who bought at far lower valuations may decide to cash in some of their gains, creating selling pressure. The rapid rise has prompted comparisons with the early trading days of other Musk-led ventures, particularly Tesla, where investor enthusiasm often outpaced traditional valuation metrics The space exploration and satellite internet giant has overtaken Amazon to become the world's fifth most valuable publicly traded companyThe issue has become a major talking point among retail investors online.One widely shared discussion on Reddit questioned whether it may be wiser to wait until the lock-up periods expire before buying.The investor wrote: 'My concern is what happens when more locked shares become available. If early shareholders bought at a much lower price, they may have a strong reason to take profit once they are allowed to sell.'Many commenters agreed that the stock's valuation appears difficult to explain using traditional financial measures, with some arguing that investor enthusiasm and fear of missing out are currently playing a larger role than company fundamentals.The coming months could prove crucial for SpaceX.Investors will be watching closely for the company's first earnings reports as a public company, updates on Starlink's growth, progress on its AI initiatives and the impact of upcoming lock-up releases.While many remain bullish on SpaceX's long-term prospects as a leader in space technology and satellite communications, market experts say the stock's remarkable early gains could face a test once insiders and early investors gain the ability to sell larger portions of their holdings.For now, however, the market's appetite for SpaceX appears insatiable.Just days after listing, the company has already surpassed Amazon in market value and is closing in on Microsoft - a remarkable achievement for a business that only recently arrived on Wall Street.