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SpaceX shares blew past every reasonable valuation benchmark within hours of going public. The stock, trading under the ticker SPCX, hit intraday peaks above $176 on its first day, pushing the company’s price-to-sales ratio north of 115x and briefly vaulting its market cap past $2 trillion.
For context, Tesla’s P/S ratio sits around 17x. The S&P 500 averages roughly 3.4x.
The numbers behind the rocket ride
SpaceX priced its IPO at $135 per share on June 12, 2026, raising approximately $75 billion in what became the largest US IPO on record. That initial price gave the company a market cap of around $1.77 trillion, already a staggering figure for a business that generated $18.67 billion in revenue during 2025.
At the IPO price, the trailing P/S multiple was already about 94x. Then the market decided that wasn’t enough.
Shares opened at $150, climbed throughout the session, and closed around $161, roughly 19% above the IPO price. The intraday surge past $176 is where the 115x-plus P/S multiple came into play.
Morningstar has estimated SpaceX’s fair value at approximately $62 to $63 per share, which means the IPO itself was priced at more than double what Morningstar considers intrinsic value. At the first-day closing price of $161, the stock was trading at roughly 2.5 times that estimate.
The Bitcoin treasury angle
The company holds 18,712 BTC, valued at approximately $1.2 billion at current prices, with a cost basis of around $661 million. That position makes SpaceX the eighth-largest public holder of Bitcoin.
The BTC holdings represent unrealized gains of roughly $500 to $600 million based on the cost basis, which means Bitcoin’s performance will show up directly on SpaceX’s balance sheet going forward.
What this means for crypto and growth investors
For crypto markets, the SpaceX IPO cuts both ways. SpaceX’s Bitcoin treasury legitimizes corporate BTC holdings for a new cohort of traditional investors. When the most valuable IPO in American history holds nearly 19,000 Bitcoin on its books, it normalizes digital asset treasury strategies in boardrooms that previously dismissed them.
SpaceX’s Starlink constellation continues expanding through multiple Falcon 9 launches, and satellite internet represents a genuinely massive addressable market. At 115x trailing sales, the stock is priced for a future where revenue grows dramatically and consistently for years.
For investors already holding Bitcoin, the SpaceX IPO introduces a new correlation risk. If SpaceX stock corrects sharply, the company’s BTC holdings could become a talking point that drags crypto sentiment down with it. Conversely, a sustained Bitcoin rally would boost SpaceX’s balance sheet and potentially support its stock price, creating a feedback loop between traditional equity markets and crypto.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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