SpaceX shares blew past every reasonable valuation benchmark within hours of going public. The stock, trading under the ticker SPCX, hit intraday peaks above $176 on its first day, pushing the company’s price-to-sales ratio north of 115x and briefly vaulting its market cap past $2 trillion.
For context, Tesla’s P/S ratio sits around 17x. The S&P 500 averages roughly 3.4x.
The numbers behind the rocket ride
SpaceX priced its IPO at $135 per share on June 12, 2026, raising approximately $75 billion in what became the largest US IPO on record. That initial price gave the company a market cap of around $1.77 trillion, already a staggering figure for a business that generated $18.67 billion in revenue during 2025.
At the IPO price, the trailing P/S multiple was already about 94x. Then the market decided that wasn’t enough.
