SpaceX shares up 6% premarket after historic Nasdaq IPO

SpaceX shares rose 6% in premarket trading Monday after the company's record-breaking debut on the Nasdaq last week. The stock was around $170 in early trading, building on a 19% gain Friday that followed its IPO pricing at $135 per share. Friday's close of $161 put the company's market capitalization above $2 trillion.

Elon Musk's space and satellite internet company operates the Starlink network and a fleet of reusable rockets. It merged with Musk's AI startup xAI in February. SpaceX lost nearly $5 billion in 2025, and the size of the offering has drawn sharp disagreement among analysts over the valuation.

CFRA initiated coverage with a sell rating and a 12-month price target of $115, roughly 29% below Friday's close. The firm cited the company's ambitious growth strategy and its significant capital intensity. SpaceX spent $10.1 billion on capital expenditures in the first quarter alone, up from $4.1 billion a year earlier, with the majority going toward artificial intelligence.

Morningstar analyst Nicolas Owens issued a note on June 8 valuing SpaceX at $63 per share, calling it overvalued.

New Street Research offered a more optimistic view, initiating coverage with a price target of $165.