The company’s stock had climbed more than 40% following its highly anticipated market debut last week, where shares were initially priced at $135. That strong opening fueled a wave of investor enthusiasm, pushing valuations rapidly higher and placing SpaceX among the most valuable companies globally within days of trading.
However, momentum appeared to ease on Wednesday as shares slipped about 5%, suggesting early profit-taking after the initial surge. By premarket on Thursday, the stock had edged up slightly—around 0.3%—signaling a tentative pause rather than a continued slide.
Valuation surge places SpaceX among global tech giants
At its peak, SpaceX briefly overtook major technology peers in valuation, surpassing both Amazon and, for a short period, Microsoft. By Wednesday’s close, its market capitalization stood at roughly $2.52 trillion, positioning it just below Amazon.
The rapid ascent has underscored investor expectations around SpaceX’s long-term commercial and space exploration ambitions, particularly its dominance in reusable rocket systems and satellite internet infrastructure.
Board expansion signals governance shift
Alongside the market activity, SpaceX announced the appointment of Roelof Botha to its board of directors. Botha will serve as an independent director and join the audit committee immediately, expanding the board to eight members.
He is a longtime associate of Elon Musk, who continues to serve as chairman in addition to his roles as chief executive and chief technology officer.
The governance structure remains heavily weighted toward Musk, who retains control of more than 82% of voting rights. That concentration of control leaves outside shareholders with limited influence over strategic decisions, despite the company’s expanded public exposure.
Musk outlines ambitious long-term revenue outlook
Investor attention also turned to Musk’s forward-looking statements on social media. Posting on X over the weekend, he suggested the company could scale dramatically over the next decade.
He wrote that SpaceX “might be able to reach approximately” $1 trillion in revenue by 2030, a projection that reflects the company’s aggressive expansion plans across space launch services, satellite networks, and interplanetary ambitions.
For now, however, markets appear to be digesting the early volatility that followed its debut, as investors reassess valuation levels after the initial surge.