Hey there, bargain hunter.

SpaceX finally hit the public market, and the first day told you everything you need to know about how investors are thinking right now: it is less “what is this worth today?” and more “what could this become if Musk gets even a few more things right?”

Scoreboard

• IPO price: $135 per share (largest IPO ever, raising $75 billion).
• First day levels: opened around $150, then traded as high as about $166.90 midday.
• Implied market value: roughly $2.0 trillion at $150, and about $2.18 trillion near $166.90.
• Wealth headline: AP reports Forbes estimated Musk’s net worth at about $1.1 trillion after the debut, making him the first trillionaire on paper.

So yes, the “trillionaire milestone” part checks out for June 12, 2026. The exact number will move with every dollar in SpaceX and Tesla, but the direction is clear.

The real reason this ripped

The part people skip is expectations. A $2 trillion company can be a “good business” and still be a bad stock if you paid for five perfect futures up front.

Retail demand showed up willing to pay a Musk Premium. Meanwhile, institutional skeptics were basically saying: great company, wild price. Morningstar estimated SpaceX is worth about $780 billion, calling the IPO “significantly overvalued,” which is less than half of where it traded on day one.

Slight tangent, but it matters: IPO mechanics help explain the heat. A small public float can make the early days jumpy. Fortune reported SpaceX offered only about 3% of shares to public investors, and also highlighted index-related buying pressures that could show up quickly. That is not “fake demand,” but it can be non-fundamental demand.

What SpaceX is being sold as

If you’re buying this at $2T-plus, you are not just buying launches. You’re buying a bundle:

• Launch services and government contracts (real, proven, but not infinite margin).
• Starlink connectivity (scalable revenue if churn stays low and ARPU holds).
• Long-dated bets (orbital data centers and adjacent AI infrastructure ambitions are being discussed in mainstream coverage now, which tells you how much optionality is already in the stock).

Numbers that make me hesitate

This valuation is not coming from current profitability. AP reported SpaceX lost $8.7 billion between the start of 2025 and March 31, 2026. Fortune also noted SpaceX is not currently profitable.

Axios pointed out SpaceX came public trading around 90 times sales. That is the market asking you to believe margins and scale will show up later, and show up big.

So what do you do with the Musk Premium?

If you’re a bargain hunter, the right question is not “can it be bigger?” It can. The question is “how much of the upside am I already paying for today?”

At $2.0 to $2.2 trillion, you are paying for dominance in launches, a very large Starlink outcome, and at least one additional moonshot working. Maybe that happens. But if execution is merely good instead of legendary, there is a lot of air underneath.

Worth a look: keep your eye on the first few quarters as a public company, not the headline pop. I want to see Starlink unit economics, capex pacing, and whether losses narrow without slowing growth. If those trend the right way, you can pay up and still win. If they don’t, the Musk Premium can shrink faster than people think.