SpaceX, Elon Musk's creation, is the star of the show today on the Nasdaq, and it does not disappoint expectations. Largest IPO in history, with the share price set at $135 and an initial valuation of just under $1.800 trillion. After trading began on the Nasdaq, the stock quickly rose by about 24%, thus bringing the capitalization above the 2 trillion dollars since the first hours of the market, and the stock is close to 170 dollars.
SpaceX isn't just about space: it's focusing heavily on Starlink and AI.
The positive points that are supporting SpaceX stock are obviously the hype around Artificial Intelligence and in particular the enormous interest in Elon Musk's ecosystem and the long-term prospects in the space and AI sector. Starting with the growth of activities like Starlink, which represents a significant portion of revenues. In short, it was immediately very strong demand from investors, with the offer being oversubscribed several times.
Founded in 2002 by Elon Musk, SpaceX does not base its success only on rockets into space (which, as a private company, it has launched more than any country in the world, including the USA) but also and above all on Starlink, its mega-constellation of broadband satellites that provides high-speed internet to 164 countries, and on Artificial Intelligence through its Colossus data centers and the Grok AI model.
The market has once again rewarded the Musk factor
As has already happened in the past with Tesla, part of the valuation also seems to reflect the so-called "Musk premium": investors' willingness to pay higher multiples than competitors due to the South African entrepreneur's ability to transform projects considered impossible into successful businesses. With the $75 billion raised, SpaceX has in fact largely exceeded the previous records held by Saudi Aramco (29,4 billion in 2019) and Alibaba (25 billion in 2014), rewriting the history of global prices.
Another element appreciated by the market is the privileged relationship with US government agencies. SpaceX is now a major partner of NASA and the Department of Defense, with multi-billion dollar contracts that guarantee relatively stable revenue streams alongside commercial activities.
