SpaceX’s stock roared out of the gate on its first day of trading Friday, climbing 63% on the NASDAQ and briefly pushing the company’s market value near $2.9 trillion. The surge, which caught many traders off guard, has quickly shifted the conversation from the IPO’s success to whether the rocket builder’s price tag has run ahead of reality.
Record First-Day Pop
The 63% jump marks one of the largest first-day gains for a major tech listing this year. Shares opened well above the offering price and kept climbing through the morning, lifting SpaceX’s valuation past a number of the world’s largest companies by market cap. At its intraday peak, the company was worth roughly $2.9 trillion — a figure that puts it in the same neighborhood as Apple and Microsoft, at least for a few hours.
Valuation Doubts Creep In
The rally didn't go unnoticed by skeptics. That kind of rapid price appreciation has prompted questions about whether the stock is now overvalued. Investors are weighing SpaceX’s ambitious plans for Starship and satellite internet against a price tag that implies years of breakneck growth. The concern: a correction could shake confidence not just in SpaceX but in the broader space-tech sector.
What Comes Next
Now the focus turns to the company’s next earnings report and whether it can deliver the revenue growth to justify its new market cap. Regulators will also be watching for any unusual trading patterns after such a volatile debut. For now, the big question is whether Friday’s pop was a genuine vote of confidence or a warning sign that the market got ahead of itself.
