# Lock-Up Period Articles associés

After SpaceX's Debut: Is a $2.1 Trillion Market Cap Still Worth Chasing?

After a highly anticipated IPO, SpaceX (SPCX) debuted on Nasdaq at a $135 price, opening at $150 and closing at $160.95, achieving a market cap of $2.1 trillion. The offering was significantly oversubscribed, with a notable 20-30% allocation to retail investors. Despite the success, the first-day performance fell slightly short of some pre-market expectations of a $2.2+ trillion valuation. Analysts point to the stark disconnect between the company's massive valuation and its current financials. SpaceX remains unprofitable, with Starlink as its primary revenue driver while core launch operations are loss-making, partly due to heavy investments in the Starship program. Furthermore, ambitious future plans, like deploying a 100GW orbital AI computing cluster targeting a $28.5 trillion market, were viewed by some as highly speculative. The stock's near-term trajectory faces key tests. First, its potential fast-track inclusion into the Nasdaq 100 index around mid-July could trigger significant passive fund buying. Second, the release of Q2 2026 earnings in August, coupled with the potential unlocking of up to 20% of some employee and early investor shares, presents a major volatility risk. The market showed belief in Elon Musk's vision but also demonstrated caution regarding the company's present fundamentals and lofty projections.

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