SpaceX is now worth more than $2 trillion. After pricing its IPO at $135 per share on June 3, 2026, targeting a valuation of roughly $1.77 trillion, shares began trading around June 12 and promptly surged as much as 17% on debut. That pop pushed the company’s market capitalization past the $2 trillion mark, placing it firmly in the ultra-exclusive mega-cap club alongside Apple, Microsoft, Nvidia, and a handful of others.

The biggest IPO ever, and it’s not close

The offering raised approximately $75 billion, making it the largest IPO in US history. For context, Saudi Aramco’s 2019 debut raised around $25.6 billion. SpaceX nearly tripled that figure.

The path to this moment accelerated considerably in February 2026, when SpaceX merged with Elon Musk’s AI venture xAI. That combination valued the merged entities at approximately $1.25 trillion, setting the stage for the IPO just months later.

At its current valuation of roughly $2.12 trillion, SpaceX has overtaken Tesla in market capitalization. Tesla was valued at around $1.6 trillion at the time of the xAI merger. Musk retains significant voting power post-IPO, and the listing reportedly makes him the world’s first trillionaire on paper.

The bull case vs. the math

Morningstar has assigned SpaceX a fair value of $780 billion. That’s a gap of nearly 48% between what the market says the company is worth and what one of the most respected equity research firms thinks it should be.

SpaceX reported $18.7 billion in revenue for 2025. At a $2.12 trillion valuation, that works out to roughly 93 times trailing revenue. About 61% of that $18.7 billion came from Starlink, the satellite broadband service. The rest comes from launch services and, following the xAI merger, AI-related initiatives.

Pre-IPO private market valuations had been climbing rapidly in the months leading up to the listing, reflecting investor enthusiasm for both the Starlink growth story and the AI angle. Prediction markets like Polymarket had been assessing the likelihood of shares closing above the $2 trillion mark, and those bets paid off on day one.

The Bitcoin angle

SpaceX holds approximately 18,712 BTC, valued at roughly $1.29 billion as of March 2026, making it one of the larger corporate Bitcoin holders in the US. If SpaceX faces pressure on its valuation and decides to liquidate some of its Bitcoin holdings, that’s nearly 19,000 BTC potentially hitting the market.

The gap between Morningstar’s $780 billion fair value estimate and the current market cap is significant. At 93 times trailing revenue, SpaceX needs to continue scaling Starlink globally while simultaneously developing Starship and integrating xAI’s technology. Any stumble across Starlink’s global scaling, Starship development, or xAI integration could pressure a valuation that currently prices in near-perfect execution.