Shares of SpaceX rose in early market trading Monday, extending gains from its record IPO debut after Elon Musk said the company could reach $1 trillion in annual revenue by the end of the decade.
Yahoo Finance facts show the stock was trading around $170, about 6% higher than Friday’s closing price.
The move followed a strong first session in which SpaceX priced its IPO at $135 per share, opening at $150 and closing at $161.11, giving the company a market value of about $2.2 trillion.
The rally also spilled over into crypto-linked derivatives tied to the stocks. MintGlass facts show that SpaceX futures volume rose 140% to around $930 million, while open interest rose above $540 million.
The early market rally gave new impetus to one of the most closely watched listings in years, underscoring investor appetite for exposure to Musk’s rocket, satellite and artificial intelligence company following the largest-ever IPO.
Retail fuels SpaceX’s record IPO debut
SpaceX raised $75 billion on its first day of trading, making it the largest IPO ever and immediately placing the rocket, satellite and artificial intelligence company among the most valuable publicly traded companies in the US.
With a market value of more than $2 trillion, the company ranks behind Amazon, valued at about $2.54 trillion, and ahead of Broadcom, which is valued at about $1.81 trillion.
Available data shows that private investors played a central role in that debut.
Data from Vanda Research shows that individual investors bought a net $93.8 million worth of SpaceX stock on Friday, the largest single-day net retail purchase for any IPO ever.
Additionally, SpaceX accounted for about 4% of total retail sales from individual stocks that day, with net purchases more than 3.5 times greater than Nvidia, the second most purchased stock.
Meanwhile, the listing also spread to crypto markets, where traders used tokenized equity products and derivatives to gain exposure to the stocks. This is particularly remarkableconsidering the challenges that marked the first day of trading on some crypto trading platforms such as Binance.
Still, CryptoQuant’s data showed strong activity on platforms that listed SpaceX-linked instruments. On Gate.com, trading volume for the tokenized SPCX ticker exceeded $100 million on its first day, compared to about $4 million for Circle and $3.5 million for Tesla at the same location.
Equity-linked tokens on Gate.com typically generate daily volumes between $10 million and $25 million for the assets shown in the platform’s data. SpaceX’s first-day activity was well above that range, demonstrating the magnitude of demand among crypto-native traders.
The activity suggests that tokenized stocks are becoming a more visible outlet for major stock market events. These products remain small compared to traditional equity markets, and their legal treatment varies by jurisdiction.
Still, the SpaceX debut showed that crypto traders are willing to use on-chain or exchange-based tools to gain exposure to high-profile public companies without leaving digital asset venues.
Musk is stretching the growth case
SpaceX’s rally gained even more momentum after Musk posted on X this weekend that the company could generate $1 trillion in annual revenue by 2030. He added that he would be surprised if the company did not exceed that level by 2031.
The projection gave investors a new benchmark for a stock that already trades at one of the richest valuations on the public market. SpaceX reported revenue of about $18.7 billion in 2025, meaning Musk’s target would require revenue to increase more than 50 times in about five years.
That forecast is also well above some of the most optimistic Wall Street estimates. Morgan Stanley expects revenue of about $330 billion by 2030, meaning Musk’s figure is roughly three times higher than the estimate.
Meanwhile, Brett Winton, chief futurist at Ark Invest, has taken a more aggressive long-term view. proverb Starlink and Starshield could generate more than $1 trillion in additional cash through 2035, while reaching $400 billion in annualized revenues.
The large gap between current earnings and these projections helps explain the debate over SpaceX’s valuation.
The company’s revenue base is large for an aerospace company, but still small compared to the market value now attached to the stock. Revenue in 2025 showed strong growth over the previous year, while revenue in the first quarter of 2026 was approximately $4.69 billion.
However, the company remained in the red as expenses increased.
This means that investors backing the stock are betting that multiple companies can scale at the same time. Starlink, SpaceX’s satellite broadband network, is the company’s largest near-term revenue generator. It has become a meaningful source of recurring sales and gives SpaceX a global consumer and enterprise product beyond traditional launch services.
Starshield, the government-focused satellite communications unit, has also become part of the bullish case as demand for secure connectivity grows among defense and public sector customers.
Starship has the more speculative edge. The launch system is designed to reduce the cost of reaching orbit and support larger commercial, government and scientific missions. SpaceX has framed it as central to future markets in space logistics, lunar operations, Mars development and other forms of transportation.
The company has also broadened its knowledge of artificial intelligence, telecommunications and space infrastructure.
The prospectus estimated the total addressable market for these ambitions at up to $28.5 trillion, a figure that includes several industries still in their early stages of development.
These projections help explain the intensity of demand surrounding the IPO. They also show how much of SpaceX’s valuation depends on businesses needing to scale quickly, absorb heavy investments and avoid major technical or regulatory setbacks.
There will be an investigation into SpaceX’s valuation
Meanwhile, SpaceX’s market momentum has also drawn warnings from analysts who say its valuation leaves little room for slower growth, higher costs or delays on major projects.
CFRA analysts cited SpaceX’s demanding growth assumptions, high valuation and large capital needs as key reasons for their cautious stance.
Those costs are already rising. SpaceX reported $10.1 billion in capital expenditures for the three months ended in March, compared to $4.1 billion a year earlier. The increase reflected spending on artificial intelligence infrastructure, spacecraft development and other long-term projects.
At the same time, profitability remains another sticking point. The company lost almost $5 billion in 2025, while cumulative losses over the past years are estimated at $50 billion.
SpaceX also warned in its prospectus that it may never become profitable, a revelation that underlines how much spending may still be needed before the biggest bets are ripe.
Henrik Zeberg, macro analyst at Swissblock, said the market treats SpaceX as one of the most valuable companies in the world despite the losses.
He compared the valuation to previous periods of market gluts and argued that investors are paying ahead for the earnings power the company has yet to prove.
According to him:
“There’s no doubt about it! We have the biggest bubble ever. And it will burst. Not yet. Expect a rise to the ultimate peak… But soon!”
Still, Wall Street’s early targets show little agreement on where the stock should trade.
Loop Capital has the highest target at $349, followed by Baird at $320 and Bernstein at $310. Oppenheimer set his target at $190, while New Street Research is at $165.
The average is around $267, but the wide range reflects widely differing views on SpaceX’s future revenues, margins and market opportunities.
To sustain the rally, SpaceX will have to show that its largest businesses can grow fast enough to support the price investors pay. The market will be watching for updates on Starlink’s growth, Starship’s progress, government contracts, AI-related spending, and any sign that revenue is moving closer to Musk’s $1 trillion target.
For now, investors are paying a premium for access to a company that has been out of reach on the public markets for years. That premium could remain intact if SpaceX continues to grow rapidly, but it also leaves the stock exposed if costs rise faster than expected or the path to profitability takes longer than the market currently assumes.