SpaceX began trading on the New York Stock Exchange today, pricing its shares at $135 each and pushing the company’s market value to roughly $2.4 trillion. The float, the largest ever, could make Elon Musk the first person whose net worth tops a trillion dollars, though the firm remains loss‑making and heavily invested in AI and satellite infrastructure.

$135 price tags SpaceX at $2.4 trillion valuation

At the top end of analyst expectations, the $135 per‑share price translates to a staggering $2.4 trillion market cap, according to the IPO prospectus. This valuation is nearly 100 times SpaceX’s current sales, dwarfing the multiples seen in past tech listings. As Bloomberg reported, the offering is expected to surge up to 35 percent on opening, underscoring the feverish demand for Musk’s aerospace‑AI conglomerate.

Retail investors eye up to 30% of the $75 billion float

Uniquely, the float reserves up to 30 percent of its $75 billion share pool for individual investors , a move designed to broaden participation beyond Wall Street. Market‑research firm Opinium found that one in five British retail traders plan to buy early, hoping to ride Musk’s long‑term vision. Yet Bloomberg notes that retail orders topped $100 billion, meaning most small investors will receive only a fraction of the shares they requested.

Institutional demand drives $100 billion retail order backlog

The bulk of the offering—about $75 billion—targets institutional players such as banks , wealth managers and pension funds. Their appetite helped oversubscribe the IPO, a signal of confidence in SpaceX’s growth prospects despite its current losses. according to the filing, institutional investors are expected to hold the majority of the float, reinforcing the scale of capital flowing into the company.

Experts split on AI‑fueled $2.4 trillion price tag

Analysts are divided. Bullish voices argue that SpaceX’s integration of AI, satellite internet and orbital data centers justifies a premuim, likening the firm to a multi‑decade growth engine. Bearish commentators, however, compare the valuation to the dot‑com bubble, warning that the AI‑driven hype could mask fundamental profitability challenges. As the report says, the company is loss‑making and reinvests IPO proceeds into power‑hungry data centers, potentially even in orbit.

Will SpaceX ever post a profit?

Two key uncertainties remain: whether SpaceX can convert its massive capital outlays into sustainable earnings, and how regulatory scrutiny of its satellite constellation and AI activities will evolve.. The IPO prospectus does not provide a timeline for profitability, leaving investors to speculate on the company’s ability to monetize its expanding infrastructure.