SpaceX (NASDAQ: SPCX) shares have delivered a modest gain for early public investors three months after the company’s historic debut.
At press time, SPCX stock was trading at $151. At its June 12 IPO, the shares were priced at $135.
Therefore, an investor who put $1,000 into SpaceX stock at the offering price would now hold shares worth about $1,120, representing a gain of more than 12%.
SpaceX’s initial public offering was the largest in U.S. history, raising roughly $75 billion and valuing the company at about $1.77 trillion at the $135 offer price.
Shares opened higher and surged in the first days of trading, briefly topping $225 and pushing the company’s market capitalization above $2 trillion.
The stock has since pulled back amid heavy capital spending on artificial intelligence infrastructure, successive share lock-up expirations, and broader market scrutiny of its valuation.
SpaceX stock fundamentals
Amid this volatility, the firm’s fundamentals remained strong. In this case, SpaceX reported second-quarter revenue growth of 92% year over year to $7.8 billion, driven by its Connectivity (Starlink), AI Compute, and Space segments.
Management has highlighted several large AI hosting deals, including a newly disclosed agreement worth about $1.11 billion per month beginning in December, as support for its goal of reaching a $100 billion annual recurring revenue run rate by the end of 2026.
Investors are also closely watching Starship’s 14th test flight later this month, which is expected to carry next-generation Starlink V3 satellites and mark the rocket’s first revenue-generating mission.
However, a major debate among investors is whether SpaceX’s spending is becoming too aggressive. To this end, S&P Global estimates capital expenditures could rise to nearly $200 billion in 2027 as the company invests in AI data centers, chip manufacturing, Starship infrastructure, and new launch facilities.
While supporters see this as laying the foundation for future growth, skeptics argue it raises execution and cash-flow risks.
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