SpaceX went public Friday at $135 per share, with shares climbing 11% in initial trading — placing the company immediately in the top 10 largest U.S. corporations with a $1.97 trillion valuation. The debut would give SpaceX over 5% of the S&P 500 if it were included in the index. However, according to Axios, the company is trading at 90 times its sales, a valuation that analysts say is decoupled from business fundamentals. Early investors can cash out up to 20% of their holdings within days of the next earnings report, while the lock-up period expires for most shareholders after 180 days — a potential pressure point for future stock moves. Despite the valuation questions, demand for SpaceX shares remains strong.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton