SpaceX CEO Gwynne Shotwell and executives ring the opening bell at Nasdaq on June 12, 2026.
Adam Jeffrey | CNBC
space x Shares soared in pre-market trading on Monday, following last week’s record debut on the Nasdaq as the largest initial public offering (IPO) in history.
SpaceX stock was up about 6% at the start of pre-market trading, hovering around $170.
SpaceX soared 19% on Friday, from $135 per share to close at $161. This brought the company’s market capitalization to over $2 trillion.
Elon Musk’s space company operates Starlink satellite internet services and a fleet of reusable rockets. In February, Musk merged the company with his artificial intelligence startup xAI. SpaceX is set to lose nearly $5 billion in 2025, and its blockbuster IPO has sparked debate about whether the company’s huge valuation is justified.
Valuation is a key concern
CFRA initiated coverage on the stock on Friday with a sell rating and a 12-month price target of $115, down nearly 29% from Friday’s closing price. CFRA said its view was “driven by the company’s highly ambitious growth strategy, high valuation expectations and significant capital concentration.”
SpaceX’s capital spending totaled $10.1 billion in the three months ended March, compared with $4.1 billion in the same period last year. A large part of that went towards artificial intelligence.
Morningstar analyst Nicholas Owens issued a note on June 8 in which the company valued SpaceX at $63 per share, calling the stock “overvalued.”
But other analysts are more bullish. New Street Research initiated coverage on SpaceX with a price target of $165.
