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Manali Pradhan, CFA, The Motley Fool
Mon, June 22, 2026 astatine 10:15 AM CDT 4 min read
One week aft its blockbuster IPO, Space Exploration Technologies (NASDAQ: SPCX) is already being valued acold beyond conscionable a rocket company. At astir $165 per stock (as of the greeting of June 22, 2026), SpaceX had a marketplace worth of astir $2.2 trillion.
The banal is presently astir 22% supra its IPO terms of $135 per stock and supra the astir $1.77 trillion valuation acceptable astatine the clip of the IPO. SpaceX initially sold 555.56 cardinal shares astatine $135 each, raising $75 billion. Subsequently, the full magnitude raised reached $85.7 cardinal aft underwriters bought further shares acceptable speech owed to beardown capitalist demand. The ample magnitude raised showed the beardown request for SpaceX stock. But it has not answered whether the company's existent concern tin enactment a valuation supra $2 trillion.
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SpaceX generated $18.7 cardinal successful gross and had a $4.9 cardinal nett nonaccomplishment successful fiscal 2025. The institution besides incurred $20.7 cardinal successful superior expenditures, which was higher than its fiscal 2025 revenue.
SpaceX is trading astatine a precise affluent valuation of astir 118 times fiscal 2025 sales. That means investors are not chiefly paying for the rocket concern SpaceX has today. Rather, they are paying for aboriginal maturation opportunities arsenic Starlink outer net expands, Starship reusable rocket strategy lowers deployment costs, and artificial quality (AI) infrastructure becomes a overmuch larger business.
Starlink arsenic a maturation motor
The astir important crushed SpaceX tin enactment a trillion-dollar valuation is Starlink. In fiscal 2025, the Starlink-powered Connectivity conception generated $11.4 cardinal of revenue, oregon astir 61% of full institution sales. It besides produced astir $4.4 cardinal of operating income and is the lone profitable concern segment.
Starlink had astir 10.3 cardinal customers crossed 164 countries, territories, and markets astatine the extremity of the archetypal 4th of fiscal 2026 (ending March 31, 2026). The web was powered by astir 9,600 satellites that orbit comparatively adjacent to Earth, giving SpaceX a standard vantage that fewer outer competitors tin match.
The adjacent large accidental is mobile connectivity. SpaceX says Starlink Mobile has astir 30 mobile web relation partners, covers markets with astir 1.9 cardinal people, and uses astir 650 mobile satellites successful orbit. Hence, SpaceX is trying to grow Starlink beyond location net and crook it into a broader communications infrastructure business.
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