SpaceX Market Cap Tops $2.3T As SPCX Extends Record IPO Rally

SpaceX shares extended their post-IPO rally on Monday, pushing the company’s market value above $2.3 trillion only days after the largest public offering in market history.

The company’s record $75 billion IPO priced at $135 per share before SPCX opened at $150 on Nasdaq and closed its first session at $160.95. The rally continued into Monday, with SPCX trading around $180 in afternoon market quotes, lifting SpaceX toward a valuation near $2.37 trillion based on the IPO share count.

Demand also expanded after the debut. Underwriters exercised the greenshoe option, increasing total IPO proceeds to $85.7 billion from the original $75 billion. The added shares followed a heavily oversubscribed book and a first-day rally that already placed SpaceX among the largest listed companies in the world.

The move puts SpaceX in the same market-cap band as TSMC and behind the largest U.S. mega-cap technology names. By Friday’s close, SpaceX had already become the sixth-largest U.S. company by value, with Amazon next in line near the $2.6 trillion area.

Starlink, Rockets And AI Drive The Valuation Bet

The rally is built around more than launch services. Public investors are pricing SpaceX as a combined aerospace, satellite broadband and AI infrastructure company, with Starlink providing recurring connectivity revenue and reusable rockets supporting lower launch costs.

SpaceX generated $18.67 billion in 2025 revenue, giving the IPO valuation a very high sales multiple from the start. At $135 per share, the company was valued near $1.77 trillion, or about 95 times 2025 revenue. Around $180 per share, that valuation multiple moves above 125 times 2025 revenue.

That premium shows how aggressively investors are pricing future growth. SpaceX is being valued on Starlink expansion, reusable launch dominance, government and commercial contracts, AI-related infrastructure ambitions and the possibility that orbital systems become part of the next data-center race.

The risk is that the public-market valuation now leaves little room for disappointment. SpaceX needs to scale revenue, improve profitability and keep execution strong across rockets, satellite broadband, AI infrastructure and regulatory-heavy global operations.

Crypto Markets Were Already Trading The SpaceX Theme

The public listing also became one of crypto’s most active real-world asset themes. Before the Nasdaq debut, SPCX pre-IPO perpetual volume topped $500 million as traders positioned around the listing through synthetic exposure.

The first trading sessions then pulled tokenized-stock and perp markets deeper into the same story. SPCX volume on Gate moved above $100 million on its first day, while Hyperliquid’s SPCX perp open interest moved ahead of Binance as traders kept 24/7 exposure active outside normal stock-market hours.

That crossover matters because SpaceX is now both a public equity story and a crypto-market structure story. Tokenized stocks, pre-IPO perps and synthetic equity products turned SPCX into a test case for how fast crypto rails can trade around a major Wall Street listing.