SpaceX Nears $3 Trillion Valuation After Blockbuster IPO
SpaceX shares extended their post-IPO rally on Monday evening after gaining more than 19% during their first two trading sessions.
The strong market debut pushed the rocket and satellite company close to a $3 trillion market capitalization.
SpaceX completed the largest initial public offering in history last week. Following its Friday debut on the Nasdaq, the company ended the session with a valuation of approximately $2.1 trillion.
SpaceX Shares Extend Their Post-IPO Rally
SpaceX shares climbed another 19.6% during Monday’s regular session. They then advanced 11.1% in after-hours trading to around $213.87.
At one point after the closing bell, the stock reached $229.40. That briefly lifted the company’s indicated market value above $3 trillion.
At that valuation, SpaceX moved ahead of Microsoft and became the world’s fourth-largest publicly traded company.
Only Alphabet, Apple and Nvidia remained larger by market capitalization.
Investors Back Elon Musk’s Space Ambitions
Investor demand has been supported by CEO Elon Musk’s ambitious plans for the company.
These include launching missions to the Moon and Mars, expanding satellite communications and building artificial intelligence data centers in space.
SpaceX entered the public market at a valuation equal to roughly 90 times its annual revenue. The high multiple reflects expectations for rapid growth across satellite internet, space launches, defense contracts and emerging AI infrastructure.
During a JPMorgan Chase livestream before the listing, Musk said SpaceX had generated positive cash flow since approximately 2015.
He also described the IPO as the beginning of a major new growth phase for the company.
SpaceX Plans More Than 100,000 Satellites
Musk outlined plans to place more than 100,000 satellites into orbit.
The proposed network would support global communications and expand the reach of SpaceX’s satellite services.
The company also intends to develop artificial intelligence data centers in space. This project could use orbital infrastructure to provide computing capacity outside traditional land-based facilities.
Additional plans include further Moon and Mars missions, advanced launch systems and broader telecommunications services.
Starlink Remains SpaceX’s Most Valuable Business
Starlink, SpaceX’s satellite telecommunications division, was the company’s only profitable segment in 2025.
The unit is widely viewed as the crown jewel of SpaceX because of its recurring subscription revenue and rapidly expanding global customer base.
Starlink’s growth is expected to play a central role in supporting SpaceX’s valuation and financing its more ambitious space projects.
Global Space Economy Could Reach $1.8 Trillion
Jefferies analysts outlined the wider investment opportunity in the space industry in a report republished to coincide with the SpaceX IPO.
The brokerage argued that space has become a strategically important industrial sector. It expects government policy, defense spending and geopolitical competition between the United States and China to influence future returns.
Jefferies estimated that the global space economy is currently worth approximately $600 billion.
The industry could triple in size to around $1.8 trillion by 2035. Defense is expected to become the fastest-growing category within the sector.
U.S. Space Spending Continues to Rise
The U.S. government represents approximately 60% of global public spending on space.
American government expenditure stands at roughly $80 billion, exceeding the combined spending of the rest of the world. China spends an estimated $20 billion in nominal terms.
The U.S. Space Force budget increased by 40% year over year during the 2026 fiscal year.
Growth was mainly driven by the Golden Dome missile defense program. As a result, Space Force spending reached $40 billion, significantly above NASA’s $24 billion budget.
SpaceX Benefits From Major Government Contracts
Jefferies analysts said the U.S. government has effectively transferred a significant amount of space-related work to SpaceX.
This has created a close relationship between federal spending priorities and the company’s commercial performance.
SpaceX ranked as NASA’s second-largest commercial contractor by the value of payments received in 2025, behind only Caltech.
The company secured approximately $2.1 billion in full-year contracts covering launch services, communications and information technology infrastructure.
