- Companies
June 15 (Reuters) – Shares of SpaceX (SPCX.O), opens new tab rose more than 6% before the bell on Monday, and were set to extend gains after a blockbuster debut last week that pushed the company’s valuation past $2 trillion and into the ranks of Wall Street’s most valuable companies.
CEO Elon Musk said on Sunday that the rockets-to-AI company could bring in $1 trillion in revenue by 2030. SpaceX reported $18.7 billion in revenue in 2025.
Shares of the company jumped 19% in their Nasdaq debut on Friday, making SpaceX the sixth-largest U.S. firm by market value and Musk the world’s first trillionaire.
Retail investors – who received about 20% of the IPO allocation – lapped up $117.6 million worth of SpaceX shares on Friday alone to make it the most purchased stock in the session and surpass the previous IPO record set by Coinbase (COIN.O), opens new tab in April 2021, according to Vanda Research data.
“While most obviously a space-related company, it is also being seen as something of an AI proxy given its exposure to xAI,” said Richard Hunter, head of markets at interactive investor.
Analysts and portfolio managers said investors should brace for volatility, particularly early on in SpaceX’s life as a public company, due to its relatively small float and high valuation.
The rally could continue as SpaceX is set for fast-track inclusion in the Nasdaq 100, which will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.
FTSE Russell and MSCI are also set to add the stock to their indexes effective June 26 and June 29, respectively.
Brokerage Jefferies estimates that inclusion in the FTSE Russell indexes will result in $2.68 billion in inflows from passive investors.
The SpaceX stock was last up 6.4% at $171.2, with more than $940 million worth of shares having exchanged hands as of 05:41 a.m. ET, which is higher than Nvidia (NVDA.O), opens new tab, Microsoft (MSFT.O), opens new tab and Tesla (TSLA.O), opens new tab combined.
Read more Fox to buy Roku in $22 billion deal to accelerate shift to digital
Read more Scouring the Strait of Hormuz for mines could take weeks
