SpaceX landed on the Nasdaq on June 12 under the ticker SPCX, and shares priced at $135 surged 19% on the first day of trading, closing around $161. By day two, the stock had climbed to approximately $192.50, briefly pushing SpaceX’s market capitalization past $2 trillion and, during certain sessions, touching nearly $2.5 trillion.
That valuation temporarily eclipsed the total cryptocurrency market cap and major S&P 500 names like Amazon. For a company that lost $4.9 billion in 2025, that’s quite a welcome party.
The numbers behind the hype
SpaceX raised $75 billion, making it the largest initial public offering in history. Not the largest tech IPO. Not the largest US IPO. The largest, period.
SpaceX reported $18.7 billion in revenue for 2025, a 33% year-over-year increase. But the company also posted a net loss of $4.9 billion. At its IPO price, SpaceX was trading at roughly 93 to 100 times trailing sales. The S&P 500’s most richly valued mega-caps rarely sustain price-to-sales ratios above 15 or 20.
