SpaceX (NASDAQ: SPCX) has taken investors on a wild ride since its June 12 IPO.
The aerospace and AI company went public at $135 per share, started trading at $150, and soared to a record high of $225.64 on June 16
But as of this writing, it trades at about $160. SpaceX’s stock pulled back because its valuation had gotten overheated. At its peak, its market cap briefly hit $2.66 trillion, or 142 times its 2025 revenue of $18.7 billion.
It also only floated about 4% of its shares in its IPO, and that limited supply amplified its gains. Yet after that pullback, SpaceX is still worth $2.06 trillion, or 110 times last year’s sales. That’s a bubbly valuation for a company that grew its revenue by 33% in 2025.