SpaceX gains 6% in premarket after record debut

SpaceX Shares rose in premarket trading Monday following its record-breaking debut on Nasdaq last week in the largest IPO in history.

Shares of SpaceX were about 6% higher at the start of premarket trading.

SpaceX closed at $161 per share, up 19 percent on Friday after being priced at $135 per share. This pushed the company’s market value to over $2 trillion.

Elon Musk’s space company operates the Starlink satellite internet service and a fleet of reusable rockets. In February, Musk merged the company with his artificial intelligence startup xAI. SpaceX lost nearly $5 billion in 2025, and its blockbuster IPO sparked debate about whether the company’s massive valuation was justified.

CFRA initiated coverage on the stock on Friday with a “sell” rating and a 12-month price target of $115; This represents a decline of approximately 29% from Friday’s closing price. CFRA said its view was “due to the company’s highly ambitious growth strategy, high valuation prospects and significant capital intensity.”

SpaceX’s capital expenditures reached $10.1 billion in the three months ending in March, up from $4.1 billion in the same period last year. Most of this went to artificial intelligence.

Morningstar analyst Nicolas Owens issued a note on June 8 in which he said the firm valued SpaceX at $63 per share and described the stock as “overvalued.”

But other analysts are more optimistic. New Street Research initiated coverage of SpaceX with a price target of $165.

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