Space Exploration Technologies Corp. raised $75 billion through the sale of 555.6 million primary shares, marking the largest stock market debut in history. The shares opened at $150 and closed at $160.95, a 19.22% gain from the offering price of $135, pushing the company's market capitalization to roughly $2.18 trillion. In after-hours trading, SpaceX shares rose an additional 3.7% to $166.85. The stock traded in a wide range of $149.34 to $176.52 on its listing day.

Moody's Analytics chief economist Mark Zandi warned that a sudden White House crackdown on Anthropic's frontier AI models highlights a hidden "threat" capable of derailing the broader stock market and economy, clashing directly with the SpaceX IPO on the same day. Zandi noted that forcing Anthropic to pull its frontier models poses a "massive threat to that optimism, and by extension, the stock market and economy."

The Donald Trump administration slapped strict export controls on Anthropic's newly released Mythos 5 and Fable 5 large language models (LLMs). The emergency directive forced the $965 billion startup to disable access for all non-U.S. citizens overnight. The intervention reportedly followed warnings from Amazon.com Inc. CEO Andy Jassy after researchers found the advanced models could be manipulated to assist in sophisticated cyberattacks.

SpaceX revealed in its IPO filing that it holds 18,712 BTC as of March 31, recognized at a fair value of $1.29 billion. The total cost basis of these holdings was $661 million, implying an average acquisition cost of approximately $35,324 per BTC. Tesla Inc. is the only other 'Mag 8' company with a BTC reserve, holding 11,509 BTC worth more than $755 million, according to on-chain data.

The debut triggered record-breaking traffic on Robinhood, causing intermittent latency issues for some customers before the platform recovered. The financial technology company confirmed the disruptions via an X post, noting that essential systems were restored. The market euphoria lifted related equities, including Powerlaw Corp., a closed-end fund holding SpaceX as its largest position at roughly 19% of its net assets.

Analysts Have Mixed Opinions on SpaceX Stock

The company has attracted mixed opinions, with some analysts predicting long-term growth. Goldman Sachs predicted revenue will jump by 100x by 2030. However, Morningstar argued the company was increasingly overvalued, estimating the stock's real value was below $1 trillion. Jim Chanos warned that the elevated valuation made no sense, pointing to losses and 2025 revenue of $18 billion.

Why SPCX Stock May Drop After the IPO

The hype surrounding the IPO may fade as investors focus on upcoming OpenAI and Anthropic IPOs. History shows that over 90% of newly listed companies surge and then pull back as investors book profits. The company is also losing billions due to its AI business, reporting a net loss of over $4.2 billion in the first quarter and $4.9 billion last year. Additionally, the tiered lock-up expiry after 180 days may allow insiders to sell shares, potentially causing a retreat.

Elon Musk has predicted that SpaceX could generate approximately $1 trillion in annual revenue by 2030, a forecast that would place the newly public company among the largest businesses in history just days after its blockbuster stock market debut. The projection arrives as Wall Street analysts and institutional investors race to price in the company's long-term potential across launch services, broadband internet, and AI infrastructure. Investor Brivael Le Pogam argued the company could eventually be worth between $30 trillion and $50 trillion within five years, a thesis Musk called "interesting."

Blockbuster IPO and Market Debut

SpaceX went public on Friday, pricing its IPO at $135 per share before opening 11% higher at $150. Shares surged to an intraday high of $176.52 and finished the debut session at $160.95, a gain of nearly 19%, lifting the company's valuation above $2 trillion. The following table summarizes key IPO metrics from the debut:

Revenue Outlook and Analyst Projections

SpaceX posted revenue of $18.70 billion alongside a $4.90 billion loss in 2025. Despite the loss, bulls point to massive growth opportunities. Goldman Sachs has predicted the company's revenue could increase by as much as 100 times by 2030. New Street Research projected SpaceX could generate roughly $195 billion in revenue by 2030, while ARK Invest's Brett Winton suggested revenue could eventually reach between $300 billion and $400 billion.

Growth Drivers and Key Risks

Le Pogam argued that analysts focusing on launch services and Starlink are missing the larger opportunity created by Starship's potential to dramatically reduce the cost of reaching orbit. He highlighted opportunities ranging from orbital data centers powered by continuous solar energy to microgravity manufacturing. "It's like valuing the internet in 1995 based on the fax market," he said on X. Musk responded to the post with a brief "Interesting analysis."

Investor Confidence

The excitement surrounding the IPO reflects investors' willingness to look well beyond current financials and bet on Musk's long-term vision for the space economy. Le Pogam argued that SpaceX's greatest advantage is ownership of the infrastructure required to access these new markets. "SpaceX owns the entry toll to all these markets," he wrote. "Buy optimism. It's still undervalued," Le Pogam added.