SpaceX

Aerospace · Satellite Internet · AI Infrastructure

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SpaceX reclaims $2 trillion market cap three months after IPO

Thin trading float and swelling AI ambitions are turning routine rallies into trillion-dollar swings for the rocket maker.

• SpaceX shares closed 6.4% higher on September 3, 2026, clearing $150 and pushing the company's market value back above $2 trillion for the first time since early July.
• The rocket, Starlink satellite and AI infrastructure company completed the largest IPO in US history in June 2026, pricing shares at $135 and raising $75 billion.
• Oppenheimer raised its price target to $280 from $250, citing SpaceX's vertically integrated AI platform, while the Street's average 12-month target sits at $222.32, implying roughly 48.5% upside.
• The rebound coincided with a broad tech rally tied to Nvidia's $12.93 billion Hugging Face acquisition and Tesla's push to integrate Starlink connectivity into its Cybercab robotaxi.
• Only 4-5% of SpaceX's shares are freely traded, and the company posted $18.7 billion in 2025 revenue against a roughly $5 billion net loss, while Morningstar pegs fair value near $780 billion.
• A wafer-thin public float and Elon Musk's concentrated 42-50% stake mean SpaceX's trillion-dollar swings reflect scarcity and sentiment as much as the fundamentals underpinning peers like Amazon or Microsoft.