On its debut trading day, SpaceX's stock opened at $150 and closed at $160.95, nearly 20% above its offering price of $135, with a trading volume exceeding 500 million shares. The stock peaked at $176.52 shortly after opening, but some selling pressure emerged as investors took profits.
Analysts expressed mixed feelings about the sustainability of SpaceX's valuation, with CFRA issuing a sell rating shortly after trading began. Concerns were raised regarding the company's ability to generate free cash flow and the future of its reusable Starship rocket.
Despite these worries, the stock's strong performance has led some analysts to categorize SpaceX among the elite mega-cap stocks, alongside established tech giants like Nvidia and Amazon. The initial retail allocation of up to 30% raised questions about potential volatility, but the stock's relatively stable performance suggests that initial fears may be alleviated for now