Key facts
- SpaceX's IPO priced at $135 per share, raising $75 billion and valuing the company at nearly $1.77 trillion.
- Investor Kevin O’Leary stated SpaceX's valuation is a bet on its future vision and Elon Musk's execution, not just current earnings.
- Tokenized SpaceX stocks led trading on Solana, with Backpack Securities' SPCX recording $37.8 million in 24-hour volume.
- BlackRock acquired roughly $882 million in SpaceX holdings across several ETFs post-IPO.
Investor Kevin O’Leary has defended SpaceX's substantial valuation following its record-breaking IPO, characterizing it as a forward-looking investment in vision and execution rather than current earnings. The company's debut on the Nasdaq exchange priced shares at $135, raising approximately $75 billion and establishing a market valuation near $1.77 trillion.
O’Leary noted that while Starlink contributes significantly to current cash flow, the market's premium is largely attributed to Elon Musk's history of creating new industries. He acknowledged that the valuation remains a subject of debate but highlighted strong demand as evidence of belief in SpaceX's potential to define the next decade.
The milestone IPO propelled Musk's net worth past $1 trillion, marking him as the world's first trillionaire. This achievement drew criticism from Senator Bernie Sanders, who linked Musk's wealth accumulation to broader issues of economic inequality and political influence, citing Musk's reported spending to support President Donald Trump.
In contrast, Bitcoin advocate Robert Breedlove dismissed Sanders' concerns as envy-driven and suggested Bitcoin as a counterbalance to wealth redistribution efforts. Following the IPO, tokenized SpaceX stocks experienced high trading volumes on the Solana blockchain, with Backpack Securities' SPCX leading the pack. Additionally, BlackRock emerged as a major institutional investor, acquiring about $882 million in SpaceX holdings across various ETFs.