SpaceX (SPCX): The Biggest IPO in History Just Changed the Rules
The biggest IPO in history hit the market Friday. SpaceX priced at $135 Thursday night. It opened at $150. By the close it sat at $160.95. One day. 19% gain. A $2.1 trillion market cap. No company has ever gone public at that valuation.
SpaceX is not just a rocket company. It runs three distinct businesses: a dominant launch operation controlling 90% of the global commercial launch market, Starlink (a satellite internet division generating $11.4 billion in 2025 and growing 50% annually), and an xAI merger that analysts project will represent 70% of total business value by 2030. Understanding which of these you are paying for at $2.1 trillion is the entire trade.
Five Wall Street analysts have already initiated coverage. The average 12-month price target is $161. Oppenheimer set a $190 target and called SPCX the largest communications and AI company globally in the making. CFRA has a $75 target. That spread tells you everything about how divided the Street is on this one. Here is the full breakdown.
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