SpaceX hit $2 trillion at IPO — with a fraction of Big Tech's revenue
SpaceX debuted on Nasdaq, instantly becoming the sixth most valuable US company at a reported $2 trillion market cap. A generational wealth event with serious questions about whether any private company this intertwined with government contracts should trade publicly.
TD Securities: SpaceX's $2T debut is just the opening act — Starlink's recurring revenue and launch monopoly justify the premium.
SpaceX is valued like Amazon but earns like a startup — at $2T, there is almost no earnings floor if Starlink growth slows.
FT (June 14): SpaceX, Anthropic, and Alphabet all raised at once — global investors are stress-testing whether markets can absorb record simultaneous issuance.
Hidden truth: SpaceX ranks 6th in U.S. market cap but earns a fraction of the companies it outranks — no outlet is printing the implied revenue multiple.Read the full breakdown →
Is SpaceX's $2 trillion valuation justified by its current revenue and contracts?
