Key Facts

• SpaceX begins trading on the Nasdaq on Friday under the ticker SPCX, with a valuation of $1.75 trillion, making it the largest flotation in history, and priced its shares at $135 each, raising $75 billion (€64.5bn) in the biggest stock market flotation on record.
• The company made an unusually strong push to attract retail investors, including those in Europe, with individual investors placing roughly $100bn (€86.6bn) in orders through trading platforms including Robinhood, Fidelity, and SoFi during the IPO process.
• At a valuation of $1.75tn (€1.5trn), investors would be valuing SpaceX at roughly 94 times its annual revenue, which was $18.7bn (€16.1bn) in 2025, compared to Nvidia, which trades at less than a quarter of that level.
• The investment research firm Morningstar, which values the company at $780bn (€675bn), called it "significantly overvalued" while Goldman Sachs data suggests sustaining the share price would require revenues above $100bn (€86.6bn) by 2030, implying a compound annual growth of more than 40%.
• Research by University of Florida professor Jay Ritter found that while IPOs between 2012 and 2021 rose an average of 23.6% on their first day of trading, they returned just 10.6% over the following three years.
• SpaceX's expected inclusion in major stock indexes has become a point of controversy, with investment officials from four large US states urging Nasdaq and FTSE Russell to explain recent rule changes that could accelerate the company's entry into widely tracked benchmarks.
• The debate matters because relatively few SpaceX shares will initially be available for trading, with only around 3% to 4% of its shares available for public trading, meaning the company's market value will be determined by trading in a relatively small portion of its equity.
• According to Morningstar, the limited float and strong demand for artificial intelligence-related stocks could help support the share price in the early stages of trading, even if the company is valued above what the research firm considers fair value.
• Some analysts believe the limited float could continue to support the stock, with estimates suggesting between $22 billion (€19bn) and $27 billion (€23.4bn) of passive investment could flow into SpaceX once it joins the Nasdaq 100, creating additional demand from index-tracking funds.
• SpaceX's financial results may also give investors pause, with the company growing rapidly but still losing money, carrying an accumulated deficit of $41.3bn (€35.76bn) as of 31 March and reporting a net loss of $4.27bn (€3.7bn) in the first quarter of 2026.
• Much of the recent loss stems from xAI, which recorded an operating loss of about $6.4 billion (€5.5bn) in 2025, with the filing also showing xAI spent heavily in the opening months of 2026 as it expanded its AI infrastructure.
• Morningstar argues the AI unit "poses a material threat of value destruction", noting that Grok has yet to win meaningful market share against rival chatbots.