Friday was 20% up. Monday was another 20% up. SpaceX has now been public for barely two trading days and the numbers are already hard to put into normal context.
Stock Kept Going and Going
SpaceX shares jumped 20% on Monday. That follows the 20% gain from Friday’s debut. Market cap crossed above $2.5 trillion. Two days in and it is already one of the most valuable companies on the planet.
About 245 million shares changed hands on Monday. Friday had more than 500 million. Keep in mind only 555 million shares were floated in the IPO to begin with. That is roughly 4% of all SpaceX stock that exists. A small fraction of total shares is moving and it is adding hundreds of billions in market value each session.
Whether that is efficient price discovery or something closer to speculative fever is a question people are actively arguing about. Both sides have a point.
Musk Made $164 Billion in One Day
Monday’s rally added an estimated $164 billion to Elon Musk’s net worth in a single session. His total wealth is now sitting around $1.3 trillion according to Bloomberg Billionaires Index. Numbers that are genuinely uncomfortable to compare to anything normal.
Part of what is fueling the excitement is Musk himself. Over the weekend he posted on X that SpaceX might be able to reach approximately $1 trillion in annual revenue by 2030 and potentially exceed that the following year.
SpaceX generated $18.7 billion in revenue in all of 2025. Getting from $18.7 billion to $1 trillion in five years is an extraordinary claim. Investors buying right now are clearly not looking at current numbers. They are buying a version of SpaceX that may or may not exist years from now. Some of them are probably just riding the momentum and planning to get out before the music stops.
IPO Actually Raised More Than Reported
New detail emerged Monday. SpaceX’s IPO raised more money than the original $75 billion figure suggested. Underwriters fully exercised the greenshoe option. That is an arrangement where banks can buy additional shares at the IPO price when demand is strong enough to justify it.
The extra shares added another 83.3 million at $135 each. Total capital raised came to more than $85.7 billion. Already the largest IPO in history by a wide margin. Now even larger than that.
Greenshoe being fully exercised tells you something about how strong the demand was at pricing. Banks do not exercise that option unless they are confident they can place the shares. Demand was clearly there.
Tuesday Pre-Market Already Up Again
Before Tuesday even opened pre-market trading was pointing to another 10% gain. That would put shares above $212 at the open if it holds.
Three trading sessions. IPO price was $135. Pre-market Tuesday implying above $212. That is a significant move in a very short time on a stock with a $2.5 trillion plus market cap.
At some point the stock will need the business to start catching up to the valuation. Right now investors are paying for a future that Musk has outlined in broad strokes on social media. Starlink. Space infrastructure. AI. $1 trillion revenue by 2030. Big vision. Current financials show a company still losing money at the bottom line.
That gap between vision and reality is what makes SpaceX stock the most interesting and most debated thing in markets right now. For traders riding it up the debate probably feels less urgent. For anyone looking at it from the outside and trying to figure out if it makes sense the numbers require a lot of faith in a very specific future playing out exactly as described.
Tuesday will show whether the momentum is still there or whether the first signs of gravity are starting to show up.