SpaceX set to extend rally after record Wall Street debut

Scott Chronert, U.S. equity strategist at Citi, joins BNN Bloomberg to provide an outlook on the markets amid U.S.-Iran deal & SpaceX IPO launch.

Shares of SpaceX rose more than six per cent in early trading on Monday, adding to gains after a blockbuster debut last week that pushed the company’s valuation past US$2 trillion and cemented its position among the world’s most valuable companies.

CEO Elon Musk said on Sunday that SpaceX could bring in $1 trillion in revenue by 2030, further stoking Wall Street optimism around the rockets-to-AI company. SpaceX reported $18.7 billion in revenue in 2025 and is yet to turn a profit.

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Shares of the company jumped 19 per cent in their Nasdaq debut on Friday, making SpaceX the sixth-largest U.S. firm by market value and Musk the world’s first trillionaire.

“This is a company with significant growth potential ahead of it. It’s definitely going to be a long-term story, and I think it will take time for the stock to find its footing in the public markets, but there are a lot of exciting opportunities ahead,” said John Belton, portfolio manager at Gabelli Funds.

“SpaceX is the ultimate growth stock.”

Retail investors, who received about 20 per cent of the IPO allocation, lapped up $117.6 million worth of SpaceX shares on Friday alone to make it the most purchased stock in the session and surpass the previous IPO record set by Coinbase in April 2021, according to Vanda Research data.

Analysts and portfolio managers said investors should brace for volatility, particularly early on in SpaceX’s life as a public company, due to its relatively small float and high valuation.

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The rally could continue as SpaceX is set for fast-track inclusion in the Nasdaq 100, which will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.

FTSE Russell and MSCI are also set to add the stock to their indexes effective June 26 and June 29, respectively.

Meanwhile, investors are also watching for a handful of events coming up in the next two months for the SpaceX stock, including the listing of SpaceX options on Tuesday and the expiration of investor holding periods.

Brokerage Jefferies estimates that inclusion in the FTSE Russell indexes will result in $2.68 billion in inflows from passive investors.

The SpaceX stock was last up 6.3 per cent at $171.04, with more than $7.2 billion worth of shares having exchanged hands as of 09:40 a.m. ET, which is higher than Nvidia, Microsoft and Tesla combined.

(Reporting by Shashwat Chauhan and Deborah Sophia in Bengaluru; Editing by Nivedita Bhattacharjee and Shinjini Ganguli)