SpaceX rally continues, expanding sky-high valuations
SpaceX has risen 50% from its IPO price to become the second-most-expensive stock under Morningstar’s coverage.
Mentioned: Tesla Inc (TSLA), Broadcom Inc (AVGO), Amazon.com Inc (AMZN), Bloom Energy Corp Class A (BE), Space Exploration Technologies Corp Class A (SPCX), Micron Technology Inc (MU)
SpaceX SPCX continued its post-IPO ascent, stretching its valuation multiples even further into the stratosphere. Tuesday’s gains came as the firm announced it was exercising its option to buy AI coding platform Cursor through $60 billion in new equity issuance.
On SpaceX’s third day as a public company, its stock finished at $201.68 per share—up nearly 5%, almost 50% above its $135 IPO price, and 35% over the stock’s $150 opening trade on Friday. As a result, SpaceX is now the sixth-largest publicly traded company in the US market. It’s also the most expensive company in Morningstar’s entire coverage list, behind only Bloom Energy BE.
By revenue and fundamentals, Morningstar analysts say SpaceX just isn’t there yet. In addition, following the company’s first earnings report, which is expected in late July or early August, pre-IPO investors will be free to sell the equivalent of 7% of outstanding shares, which is larger than the amount in the IPO.
Source: Morningstar, data at 16 June 2026
From its start on Friday, SpaceX jumped straight onto the shortlist of the largest publicly traded companies. At IPO, SpaceX was valued at $1.77 trillion, which placed it ahead of Elon Musk’s other publicly traded company, Tesla TSLA, and just behind semiconductor giant Broadcom AVGO. With the gains on Monday and Tuesday, SpaceX nearly eclipsed Amazon AMZN in size. With Tuesday’s rally, SpaceX had a stock market valuation of roughly $2.64 trillion.
Source: Morningstar, data at 16 June 2026
Despite SpaceX’s heavy emphasis on technology (which will grow with the Cursor acquisition), in terms of revenue, the majority of its current sales come from its Starlink satellite service. Morningstar analyst Nicolas Owens says that going forward, much of SpaceX’s growth could depend on the success of its reusable Starship rockets and the commercialization of orbital data centers.
Source: Morningstar, at 16 June 2026
Despite SpaceX’s massive size, revenues generated by the 24-year-old company are dwarfed by its mega-cap compatriots. For 2025, SpaceX reported revenues of $18.7 billion. Owens estimates that in 2026, it will post revenues of $36.8 billion. But even with that increase, SpaceX would only match Micron Technology’s MU revenue last year. Meanwhile, Amazon’s revenues last year were more than 19 times that figure.
Source: Morningstar, data at 16 June 2026.
SpaceX’s valuation and revenues leave it trading at sky-high valuations. (Because SpaceX has not been profitable, valuation multiples based on earnings are not possible.) Measured against its 2025 revenues, SpaceX clocks in at a price/sale ratio of roughly 141. Using Owens’ 2026 forecast, the company has a price/sales ratio of nearly 78. That’s more than three times that of Broadcom, the most expensive company in the group, and some 26 times that of Amazon.
Owens assigns SpaceX stock a fair value estimate of $62 per share—down a touch from $63 at IPO launch, due to the impact of the Cursor deal. The resulting price/fair value estimate ratio of 3.2 has SpaceX as the second-most expensive stock under Morningstar’s entire coverage (behind only Bloom Energy, which comes in at a ratio of 3.9).
Source: Morningstar, data at 16 June 2026.
