SpaceX's IPO opened 11% above its $135 offering price, with shares climbing as high as 31% above that level and valuing the company at more than $2.2 trillion（約350兆円）—sixth-most-valuable globally—but investors are betting heavily on future growth in areas beyond its current profitable satellite business.

What happened

SpaceX began trading at $150 per share on Friday, up about 11% from its IPO price of $135. The offering was more than four times oversubscribed and raised $75 billion（約12兆円） for the company, with retail investors placing orders for more than $100 billion（約16兆円） in stock but receiving only a fraction of their requests.

Why it matters

The company generated $18.67 billion（約3兆円） in revenue in 2025, up 33% year over year, driven mainly by its Starlink satellite internet business—currently its only profitable segment. However, it has signed two new computing-capacity contracts in 2026 worth $920 million（約1500億円） per month with Alphabet and $1.25 billion（約2000億円） per month with Anthropic, suggesting potential revenue of $45 billion（約7.2兆円） in 2026, which would justify part of the market's valuation bet.

What to watch

SpaceX's current price-to-sales ratio stands at 45 based on the projected $45 billion（約7.2兆円） 2026 revenue. The stock has climbed as high as $176.49, or roughly 31% above the offering price, valuing the company at more than $2.2 trillion（約350兆円）—making it the world's sixth-most-valuable company as of the article's 1:36 p.m. ET snapshot.