SpaceX shares have rocketed 63% above their IPO price in just a few trading sessions, briefly pushing the aerospace giant’s market capitalization toward $2.9 trillion. The stock, trading under the ticker SPCX, peaked above $220 after debuting on NASDAQ at $135 per share on June 12.

That makes SpaceX’s public offering not just the largest IPO in history, but one of the most explosive first-week performances ever seen at that scale. For context, the $75 billion raised dwarfs every previous IPO by a wide margin.

The numbers behind the historic debut

SpaceX sold 555.6 million shares at $135 each, giving the company an initial valuation of approximately $1.77 trillion. That immediately placed it among the largest public companies in the US by market cap, right out of the gate.

The stock opened at $150, an 11% premium over the IPO price. By the close of its first trading day, shares had climbed to roughly $161, a 19% gain. Trading volume on day one exceeded 490 million shares.

By June 16, the stock had surged to peaks above $220, representing that 63% gain from the offering price. The rally momentarily inflated SpaceX’s market value to nearly $2.9 trillion and, in the process, pushed Elon Musk’s estimated net worth above $1.3 trillion.

Not everyone is buying the hype

While retail and institutional investors have been tripping over each other to grab shares, at least one prominent voice is urging caution. Morningstar analysts have pegged SpaceX’s fair value at $63 per share. That’s less than half the IPO price and roughly a third of where the stock is currently trading.

The risk calculus here is straightforward but uncomfortable. If Morningstar’s $63 fair value estimate proves even directionally correct, anyone who bought above $200 is looking at a potential loss exceeding 70%.