Elon Musk's SpaceX went public on Nasdaq with a valuation of around $2 trillion, making it the sixth most valuable company in the U.S. The IPO raised a record $75 billion, significantly surpassing Alibaba's previous record from 2014. Musk, who initially doubted the company's chances of success, now controls over 82% of SpaceX's voting power.
Despite a $4.9 billion loss last year and a revenue multiple of 112 times, the IPO has sparked optimism on Wall Street for future offerings, particularly from AI companies like OpenAI and Anthropic. However, analysts express skepticism regarding SpaceX's high valuation, emphasizing its reliance on the success of the Starship rocket and the profitability of its Starlink service.
Financial research firm CFRA issued a sell rating with a price target of $115, citing concerns about the company's long-term strategy and the feasibility of its ambitious market projections.
The IPO has also ignited discussions about wealth disparity, with political figures like Senator Bernie Sanders and California Governor Gavin Newsom commenting on Musk's newfound wealth amid rising consumer costs