Company founder Elon Musk, who recounted during the IPO's Nasdaq bell ringing from Starbase, Texas, said he once gave the space giant less than a 10% chance of succeeding.
Fast-forward 24 years, SpaceX blasted onto Wall Street, completing the largest initial public offering in history on June 12, 2026, raising over $87.5 billion, a boon for Wall Street investment banks. Its IPO shares priced at $135, traded as high as $200, and are now hovering around the $150 level, still a return of over 9% but down from its peak.
In just a few weeks, the company's market cap has soared to nearly $2 trillion compared to Musk's other baby, Tesla, which sits at about $1 trillion after going public in 2010.
Now, Wall Street is trying to figure out what this company can really do and where that progress may take the stock. For investors looking for ways to potentially get ahead financially, SpaceX's massive debut may be one to watch, though it's far from a sure bet. FinanceBuzz breaks down how Main Street investors should be looking at the company.
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Where SpaceX actually makes money
The company's Starlink satellite arm is a powerhouse with 9,600 broadband and mobile low-Earth-orbit satellites floating over 164 countries, according to the company's IPO prospectus. It also offers connections that help reduce "dead zones" across 30 countries.
"Subscribers totaled approximately 10.3 million and 5.0 million, up 105% and 91% on a year-over-year basis, in the quarters ended March 31, 2026 and March 31, 2025, respectively," the company outlined.
Revenue jumped over 49% to $11.4 billion in 2025, while income from operations rose 120% to $4.4 billion, according to company financials. The company said its "benefiting from subscriber growth, increasing enterprise adoption, and continued improvement in network efficiency."
The losses are still piling up
Despite SpaceX's muscle, SpaceX itself is not profitable. The company lost $4.9 billion in 2025 and another $4.2 billion in the first three months of 2026.
Its AI segment is also not profitable, but spending for the unit is rising. It announced a deal to buy Cursor, which creates AI code, for $60 billion in late June.
What analysts think it's worth
SpaceX is settling into life as a publicly traded company, and Wall Street has officially begun its investor coverage. Of the 15 large firms that have initiated coverage, 14 rate the stock a buy, the other a hold, Barron's reported.
While sentiment on Musk's space behemoth is clear, how the stock may perform is far from it. The average price target is $250 per share, but the range goes from $130 to as high as $800, which came from Raymond James.
Here's how a $5,000 investment could pan out if you entered when the stock was trading around $150 per share, not including trading fees.
- $131 Price Target: $4,300 (loss)
- $250 Price Target: $8,300
- $800 Price Target: $26,000
Why the Nasdaq 100 move matters
In a rapid move, SpaceX joined the Nasdaq 100 Index, also known as the QQQ, which tracks 100 of the benchmark's most innovative companies on July 7. This is viewed as a plus. When a company joins an index, any index, fund managers that mirror that index are forced to buy the stock, which can give the share price a boost.
Bottom line
No question SpaceX is an intriguing company and those who have bet against Musk in the past have gone on to see his net worth propel him to become the world's richest man, primarily through his stock ownership in companies such as Tesla and SpaceX. He became the first person to reach a net worth of $1 trillion as tracked by Forbes.
Still, SpaceX's mission to build a base on Mars and cities on other planets sounds like an exciting adventure, but as an investment, its early days could make it risky to hold as a core holding in any portfolio.
The stock will likely experience more volatility, and the speculation that it could be combined with Tesla remains a wildcard. If you're ready to start investing and want to bet on the next frontier, SpaceX is certainly worth a conversation with your broker or financial planner as to how you could own a slice of the future without taking on too much risk.
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