Is SpaceX (SPCX) Stock a Buy for Long-Term Investors After Its $2 Trillion IPO?

TLDR

• SpaceX IPO’d on June 12, 2026 at $135, opened at $150, and closed day one at $160.95 — valuing the company above $2 trillion
• Revenue hit $18.67 billion in 2025, up 33% year-over-year, with Starlink accounting for roughly 60%
• Despite strong revenue growth, SpaceX posted a net loss of $4.94 billion in 2025, reversing a $791 million profit in 2024
• Elon Musk has stated SpaceX could reach $1 trillion in annual revenue by 2030
• Short sellers were already betting against the stock by July 2, even after absorbing large paper losses post-IPO

---

SpaceX (SPCX) began trading on Nasdaq on June 12, 2026, pricing its IPO at $135 per share. It opened at $150 and closed the first day at $160.95, pushing its market cap above $2 trillion in what Reuters called the largest IPO ever.

Space Exploration Technologies Corp., SPCX

That is a lot of expectation baked in from day one.

The company generated $18.67 billion in revenue in 2025, a 33% increase from the prior year. Starlink, its satellite broadband network, made up roughly 60% of that total. The network now serves around 10.3 million users through approximately 9,600 satellites.

That shift matters. SpaceX is no longer just an aerospace contractor — Starlink is quickly becoming the commercial engine of the business. Recurring revenue from broadband subscribers gives the company a very different financial profile than a pure launch business.

The launch side still pulls its weight. SpaceX’s reusable rocket platform supports both commercial and government launch contracts, and crucially, it also deploys Starlink’s own satellites. That vertical integration keeps costs low and timelines internal — a real competitive edge.

The Financials Tell a More Complex Story

Despite the revenue growth, SpaceX posted a net loss of $4.94 billion in 2025. That is a sharp reversal from the $791 million profit recorded in 2024.

The company is clearly spending heavily to build out Starlink and its broader infrastructure. For long-term investors, the key question is whether that investment eventually converts into durable profits — and when.

Elon Musk has said SpaceX could hit $1 trillion in annual revenue by 2030. That is an aggressive target, but it signals just how expansive the growth roadmap is supposed to be.

Wall Street Is Already Divided

Post-IPO price action has been volatile. Reuters reported on June 23 that wild swings in SPCX were drawing attention to the tug-of-war between buyers and sellers.

By July 2, short sellers were already positioning against the stock, even after absorbing paper losses from the initial run-up. That kind of early short interest in a freshly public company is not unusual — but it does signal that not everyone believes the current valuation is justified.

At above $2 trillion, SpaceX is being priced as if its most ambitious targets are already on their way to being met.

The bull case is straightforward: dominant launch infrastructure, a scaling broadband business, and unmatched vertical integration. For investors with a long time horizon, those are real and defensible advantages.

As of July 2, 2026, short sellers remained active against SPCX, and the stock’s post-IPO volatility continues to keep it in focus across Wall Street.