The US stock market is preparing for SpaceX shares to list on Nasdaq, potentially ranking the company among the top 10 most valuable globally. This would mark one of the most significant stock market debuts, with SpaceX set to become the first major loss-making company to enter the trillion-dollar club at the time of listing.
If the stock price of SpaceX (SPCX) opens higher than $135, the company’s market capitalisation would touch nearly $1.8 trillion, making it the 7th most valuable company in the world. At that valuation, SpaceX would be positioned just below Taiwan Semiconductor Manufacturing Company (TSMC) at 6th, valued at $2.1 trillion, and just above Broadcom (AVGO) at 8th, valued at $1.75 trillion.
The listing price of SpaceX stock is likely to be $135, with trading beginning at market open on Friday, June 12. Against an initial IPO target of raising $75 billion, SpaceX has reportedly received subscriptions four times over, and allotment is likely to be completed by Thursday, June 11.
In total, there are 12 companies in the trillion-dollar club. If the 7th slot is cemented, SpaceX will feature above Meta Platforms, Tesla (also Elon Musk’s company), Berkshire Hathaway, Broadcom, and Walmart — the other trillion-dollar companies on Wall Street. The top 6 positions are held by NVIDIA, Alphabet, Apple, Microsoft, Amazon, and TSMC.
NVIDIA, Alphabet and Apple have a market cap of over $4 trillion. NVIDIA has hit the $5 trillion market cap milestone twice, driven by demand for its AI chips from Google, Microsoft, Meta, Amazon, OpenAI, and Anthropic.
Mag 7 Club
It’s a huge ask to gate-crash the trillion-dollar club for a business that is still losing money. SpaceX posted a net loss of $4.94 billion in 2025, even as revenue rose 33% to $18.67 billion. The incredible performance of the S&P 500 and Nasdaq 100 has been largely attributed to the profit-making Magnificent 7 firms — Apple, Microsoft, Nvidia, Amazon, Meta, Tesla, and Alphabet.
Unlike Mag 7 companies, SpaceX is more than just a technology company, with three businesses under one roof: core space operations, Starlink, and SpaceXAI. Valuation is a concern for SpaceX. SpaceX IPO pricing is at approximately 94 times the 2025 revenue total of $18.674 billion, and 266 times the 2025 adjusted EBITDA.
As the company is currently operating at a loss, forward earnings estimates indicate a P/E ratio surpassing 111, while the trailing valuations of the Magnificent Seven firms average between 25 and 30, with Tesla being an outlier at over 300.
Space stocks in focus
The SpaceX listing could also trigger a re-rating across the broader space industry. With SpaceX now set to trade publicly, markets are likely to use it as the benchmark for valuing all space stocks going forward. High-valuation space stocks like SpaceMobile and Rocket Lab may shed some value as that recalibration begins.
Takeaway
Entering the trillion-dollar club may be easier, given the high valuation; staying within it could be a challenge.
Eshaan Lazarus, Founder and CEO, 021 Trade, explains: A study by the University of Florida analysed 44 years of every IPO in the USA. It showed that IPOs underperform the market over three years from listing day onwards.
Another study by one of the largest American banks, Truist, looked at the 30 largest tech IPOs. All 30 had a significant drawdown in year one, with a median maximum drawdown of 54%.
Most importantly, people are missing the liquidity avalanche that is on the way. Lockups on SpaceX employee shares start expiring in August, so in that month alone, the market could see share sales of between $200 to 300bn by some estimates, more than 2-4X the size of the IPO. This is in comparison with the estimated $30bn of buying due to index inclusion. “History says you’ll most likely get a better entry point over the next 12 months than on day one,” adds Lazarus.
For retail investors watching from the sidelines, the first few trading sessions or maybe for another 12 months, will be the real test of whether that bet holds.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Market capitalisation figures and rankings are based on estimates at the time of writing and are subject to change. Investment in foreign securities involves significant risks, including currency fluctuations, different financial reporting standards, and varying regulatory environments. Readers are advised to consult a qualified financial advisor before making any investment decisions.