From Wall Street to Main Street, Elon Musk's hotly anticipated initial public offering (IPO) for SpaceX tomorrow has hit a fever pitch with anyone and everyone. Headlines are buzzing about it in superlatives including “blockbuster” and “record-breaking.
The stock market thrives on anticipation, and few public offerings have generated as much of it as SpaceX ‘s (NASDAQ:SPCX) debut.
SpaceX is set to begin trading on the Nasdaq a few hours from now, with investors and prediction-market traders increasingly betting that Elon Musk's rocket company could quickly surpass a $2 trillion valuation after its market debut. The company priced its initial public offering at $135 per share, giving it an initial market capitalization of roughly $1.77 trillion and making it one of the most valuable publicly traded companies in the world from day one.
Ali Martinez, a popular market analyst on X who is usually focused on cryptocurrencies, outlined his position with regard to the SpaceX (NASDAQ: SPCX) stock initial public offering (IPO) in the early morning of June 12.
Investors woke on Friday to find out how many shares in SpaceX (NASDAQ:SPCX) they had secured, with demand for the record-breaking flotation so strong that many received only a fraction of the shares they had applied for. The Elon Musk-controlled space and artificial intelligence company begins trading on Nasdaq on Friday after raising $75 billion in the largest initial public offering ever, valuing the business at about $1.75 trillion.
SpaceX (SPCX) debuts on Nasdaq, pricing its IPO at $135 per share and valuing the company at $1.77 trillion. Despite high anticipation, SPCX currently lacks profitability.
The day has come. The Space Exploration Technologies (NASDAQ:SPCX) IPO is ready to touch down, and it's going to be interesting to see how the shares twist and turn in their first full day on the public markets.
Space Exploration Technologies Corporation is launching the largest IPO ever, targeting a $1.75 trillion valuation and significant investor demand. I assign a 'strong sell' rating to SPCX, citing an extreme 93.7x revenue multiple and unsustainable valuation despite rapid top-line growth. Starlink's Connectivity segment is SPCX's core value driver, with $11.39 billion in 2025 revenue and $4.42 billion profit, but this alone cannot justify the IPO valuation.
Jim Cramer has cautioned Space Exploration Technologies Corp. (NASDAQ: SPCX), popularly known as SpaceX, investors about a potential market bust similar to Cerebras Systems Inc. (NASDAQ: CBRS).
SpaceX is preparing for a record-breaking IPO at a $1.75 trillion valuation, equating to 93x trailing sales despite steep losses. SPCX posted a 2025 net loss of $4.94B and Q1 2026 net loss of $4.28B, with ongoing high cash burn and significant short- and long-term obligations. Passive index funds will be compelled to buy SPCX post-IPO, potentially driving demand independent of fundamentals due to rapid Nasdaq 100 inclusion.
Space Exploration Technologies Corp. aka SpaceX plans an IPO targeting a $1.75 trillion valuation, likely the largest in history. SPCX's Connectivity segment is profitable, but the company overall posts heavy losses and outsized cash burn, driven by AI and Space units. At over 90x sales, SPCX's IPO valuation appears excessive given current growth, profitability, and capital intensity.
Space Exploration Technologies Corp. aka SpaceX is targeting a $1.75 trillion IPO valuation, earning an Unattractive Stock Rating due to excessive embedded expectations. SPCX's IPO is filled with red flags: weak internal controls, minimal voting rights for new investors, nearly 80% of proceeds pre-committed to debt and insiders, and significant related party transactions. Despite 33% YoY revenue growth and Starlink subscriber expansion, SPCX faces falling ARPU, rising losses, customer concentration, and intense competition across all segments.