SpaceX rally extends after Musk’s $1T revenue claim

SpaceX shares advanced in early trading Monday, extending gains from the company’s record initial public offering. The stock traded near $170, about 6% above Friday’s close after the IPO priced at $135, opened at $150 and closed at $161.11, giving SpaceX a market value near $2.2 trillion and raising roughly $75 billion on day one.

Data show individual investors were major participants in the debut, recording a net $93.8 million in purchases on Friday, the largest single-day net retail buy for any IPO on record. SpaceX accounted for about 4% of single-stock retail turnover that day and retail net purchases exceeded those of the next most-bought stock by more than threefold.

Trading related to the stock also increased on crypto platforms. Futures volume tied to SpaceX climbed to about $930 million, up roughly 140%, while open interest rose above $540 million. A tokenized SpaceX ticker on a digital asset venue posted first-day trading above $100 million, compared with typical daily volumes for similar tokenized equities in the mid-single-digit to low-double-digit millions on the same platform. Regulatory treatment of such tokenized products varies by jurisdiction.

Elon Musk posted on X over the weekend that SpaceX could reach $1 trillion in annual revenue by 2030 and that he would be surprised if the company failed to exceed that level by 2031. The company reported about $18.7 billion in revenue for 2025, meaning the projection would require revenue to increase more than fiftyfold in roughly five years.

Wall Street estimates differ. One major bank projects about $330 billion in revenue by 2030. Brett Winton at Ark Invest projects that Starlink and Starshield could generate more than $1 trillion in excess cash through 2035 and reach roughly $400 billion in annualized earnings in the longer term.

SpaceX’s near-term revenue comes largely from Starlink, the satellite broadband service. Starshield targets government satellite communications, and Starship is the heavy-lift launch system under development. The company’s prospectus estimated a combined addressable market across telecommunications, artificial intelligence infrastructure and space services of up to $28.5 trillion.

Costs and losses have increased as investment ramps. SpaceX reported capital expenditures of $10.1 billion for the three months ended March, up from $4.1 billion a year earlier, citing spending on AI infrastructure and Starship. The company recorded nearly $5 billion in losses in 2025 and has accumulated losses over recent years estimated near $50 billion. The IPO filing noted the company may never become profitable.

Analyst price targets for the stock range widely, from the low $160s to about $350, with an average near $267. Loop Capital’s target is $349, Baird’s $320 and Bernstein’s $310, while Oppenheimer’s is $190 and New Street Research’s is $165. Henrik Zeberg, a macro analyst at Swissblock, warned: “There is no doubt! We have the largest Bubble ever. And it will burst. Not yet. Expect surge into final top…. But soon!”

Investors will watch updates on Starlink subscriber and revenue growth, Starship development milestones, government contract awards for Starshield, and disclosures about AI-related investments and margins. The listing highlighted increased use of on-chain and exchange-based instruments by crypto-native traders to gain equity exposure, while traditional markets remain the primary venue for stock trading.