SpaceX Is Already One of the World's 10 Most Valuable Companies. Here's Where the Stock Could Go From Here.

SpaceX raised nearly $86 billion from its IPO after underwriters exercised the greenshoe option, making it the largest in history.

Starlink accounted for more than 60% of SpaceX's revenue in 2025.

The company's AI segment posted a multibillion-dollar operating loss last year.

SpaceX (NASDAQ: SPCX) completed the largest initial public offering (IPO) in history on June 12, initially raising about $75 billion, with proceeds later reaching $85.7 billion after underwriters exercised the greenshoe option. Shares priced at $135, opened higher, and closed their first day near $161 -- a gain of about 19%. And they've kept climbing. As of this writing, the stock trades near $188, up about 17% Monday.

That run has handed Elon Musk's rocket and satellite-internet company a market value of about $2.5 trillion -- enough to rank it among the 10 most valuable companies in the world, ahead of Tesla and behind only a handful of larger technology companies. For a business that lost money last year, that is an extraordinary price.

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Here's a closer look at the case for buying SpaceX after its record debut, as well as the reasons for caution.

SpaceX is still best known for landing rockets. But that stopped being the financial story some time ago. The company reported revenue of about $18.7 billion in 2025, up 33% from a year earlier, and the bulk of it came from Starlink, its satellite-internet service.