SpaceX lost nearly $5 billion last year. On Friday it went public worth about $1.77 trillion - bigger than Tesla on day one.
SpaceX set a fixed price of $135 a share. The stock then opened at $150.
From there it ran hot. It pushed past $176 at its peak, then closed near $161, up more than 19%.
The firm sold more than 555 million shares in the deal. It raised as much as $75 billion.
That jump did two things. It pushed founder Elon Musk's net worth toward $1 trillion.
It also made one of the most awaited public offerings ever live up to the hype. If the stock holds, Musk could become the world's first trillionaire.
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Not everyone is sold. Research firm Morningstar called SpaceX "significantly overvalued" at the IPO price.
CFRA analyst Keith Snyder agreed. He said he is not sure the firm is really worth that much.
The doubt comes from the basics. Revenue rose 33% last year to $18.7 billion.
But the firm still lost $4.9 billion. That is a lot of red ink for a $1.77 trillion price.
It is not profitable yet. Bulls are paying for the future, not the present.
Buying SpaceX today is a bet on what it becomes. It is a bit like paying full price for a house from the blueprint.
Two big deals are feeding the hope. SpaceX will sell computing power to Anthropic for $1.25 billion a month.
It struck a similar deal with Google for $920 million a month. A sky-high price looks better if those checks keep coming.
SpaceX is far more than its launches now. It runs the Starlink satellite internet network.
It is also building the Starship system for deep-space trips. The group even owns the AI startup xAI.
Starlink already beams internet to millions of users. It does so from low Earth orbit.
Starship aims to haul cargo and people far past Earth. That is the long-term dream investors are buying.
That mix is why space stocks have drawn so much buzz this year. SpaceX is the biggest of them all.
Musk started the firm back in 2002. More IPOs are lining up behind it, and the 2026 listing wave is just starting.
The real question now is growth. Can sales catch up to that price?
Last year the firm brought in less than $19 billion. A company worth more than Tesla has to earn its way there.
The firm has to grow into that price over years. A first earnings report will show if the growth is real.
The lock-up will be another big test down the road.
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