SpaceX just pulled off one of the largest IPOs in history, pricing at $135 per share on June 11 and beginning to trade under the ticker SPCX on Nasdaq the following day. And TD Securities thinks the company is just getting started.

Peter Haynes, an analyst at TD Securities, used the occasion to do two things at once: flag SpaceX as a company with significant runway still ahead of it, and publicly criticize S&P Global for not fast-tracking mega-cap IPOs like this one into the S&P 500 index.

The IPO by the numbers

SpaceX sold 555,555,555 Class A shares at $135 each, landing a post-IPO valuation north of $1.75 trillion. SpaceX reported $18 billion in revenue for 2025, a 33% jump from the prior year. Q1 2026 revenue showed a 15% year-on-year increase.

Starlink posted even more impressive figures. The subsidiary’s adjusted EBITDA surged 86% between 2024 and 2025, and its subscriber count doubled over the same period.

The index inclusion fight

Nasdaq has a much tighter inclusion window for qualifying mega-cap listings, roughly 5 to 15 days. Haynes pointed to this as the more sensible approach, arguing that S&P Global’s stricter inclusion rules create an unnecessary gap between market reality and index composition. His core argument is that when a company enters public markets at mega-cap scale, delaying its inclusion in the benchmark index hurts both passive investors and the index’s own credibility as a reflection of the actual market.

The Bitcoin angle

SpaceX also holds Bitcoin on its balance sheet, with estimates placing those holdings somewhere between $600 million and $1.29 billion. Haynes noted that cryptocurrency discussions remain secondary to the core IPO analysis.

What this means for investors

A $1.75 trillion valuation on $18 billion in revenue implies a price-to-sales ratio of roughly 97x. If S&P Global eventually adds SpaceX to the S&P 500, the resulting passive fund inflows could provide meaningful buying pressure.