SpaceX’s stock-market debut was portrayed as a watershed moment for U.S. and global markets. Elon Musk’s company raised $75 billion at a record $1.8 trillion valuation, becoming a major focus on Wall Street and helping set the tone for the broader American market. The offering highlighted just how far investors are willing to stretch future earnings expectations in technology.
The company’s latest financials show why some critics see danger in the price. In 2025, SpaceX reported a net loss of $4.9 billion, after a net profit of nearly $800 million in 2024. Revenue rose 33.5% year on year to $18.7 billion, which implies an IPO revenue multiple of about 100, a level usually associated with much smaller companies expected to grow extremely fast.
SpaceX went public on June 12 on Nasdaq under the ticker SPCX, at $135 per share before the money from the offering. After a few trading days the stock jumped 56% to $211, but it has since fallen back and is trading around $155, closer to the IPO price. Founded in 2002 by Musk, the company runs Starlink, with more than 10,000 satellites providing internet access in places with limited communications infrastructure, and it also launches satellites, cargo and astronauts for commercial customers, NASA and the U.S. Defense Department. It is developing Starship for future Moon and Mars missions.
In Israel, many institutional investors reacted more positively, saying it is hard to price a dream and viewing SpaceX as a rare mix of established business and future growth. But senior figures at Meitav were sharply critical. Chairman and controlling shareholder Avner Stepak said in a video seen by Calcalist that the IPO was “crazy” and warned it could signal broader market risk. He called the valuation “a giant bubble” and said it was “one of the most dangerous events for the stock market.”
Stepak also linked the deal to upcoming AI listings, including OpenAI and Anthropic, saying the sector is already inflated. He argued the risk is amplified because the offering is aimed mainly at retail investors, many of them Musk loyalists, while some institutions may be forced to buy because of index inclusion. In his view, weaker holders could later sell not only SpaceX but also other AI stocks, potentially sending a negative signal across markets.
