Key Points
On June 12, Space Exploration Technologies Corp., known as SpaceX (NASDAQ: SPCX), went public with shares opening at $135, giving it an initial market capitalization of $1.77 trillion. As of the latest update, shares have risen to approximately $185.
SpaceX reported a 33% increase in total sales, reaching $18.7 billion in 2025, yet trades at a price-to-sales ratio of 125, significantly higher than the S&P 500 average of 3.7. Analysts suggest that its high valuation may be more speculative, largely tied to its aspirations in artificial intelligence, particularly its AI division which has a market share below 5% in a competitive landscape. Predictions indicate that shares could decline by 50% or more by year’s end due to this valuation mismatch.
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