Quick overview

---

SpaceX’s public debut has been incredibly explosive, breaking records before hitting its first major patch of market turbulence.

 Following its listing at $135, intense investor demand—driven largely by a massive 30% allocation carved out specifically for retail investors—sent the stock soaring. By mid-June, shares hit an intraday high of $225.64 (and surged even higher to $229.85 in 24-hour extended trading), briefly pushing SpaceX’s valuation to $3 trillion and making it more valuable than tech giants like Amazon and Microsoft. The stock has since faced a sharp reversal, plunging 16.4% on Monday, June 22 alone. This correction represents a loss of roughly $400 billion in market cap in a single day, triggered by two main catalysts:

 Hawkish rate commentary from Federal Reserve Chair Kevin Warsh sparked broad inflation and rate-hike fears, hitting high-valuation tech stocks across the board. SpaceX announced a large-scale corporate bond offering to help pay down bridge loans tied to its recent multi-trillion-dollar acquisition of Musk’s AI venture, xAI.

While the core rocket propulsion and launch business remains dominant, analysts point out that SpaceX’s current $2+ trillion valuation is heavily tied to its other segments:

The commercial satellite internet segment generated $11.4 billion in revenue in FY2025 (roughly 61% of total company sales) and stands as SpaceX’s only currently profitable segment.

SpaceX’s valuation premium is baked into its long-term future in AI infrastructure and the cost-slashing potential of the Starship launch platform.