SpaceX Valuation Drops to $2 Trillion After IPO

Space Exploration Technologies Corp. saw its share price decline approximately 34% from its peak following a June initial public offering. This drop brings the company's valuation to nearly $2 trillion, with shares recently trading near $148.

The company generated about $19 billion in revenue over the past year, representing 30% growth. However, SpaceX continues to operate at a loss. Its financial future depends on three main drivers: the Starship reusable rocket program, the recently acquired AI start-up xAI, and Starlink, which served as the primary profit center with over $11 billion in 2025 revenue.

Financial pressures remain significant across the company's diverse portfolio. The AI segment reported an operating loss of $2.5 billion in the first quarter, while the Mars program carries substantial long-term costs. Analysts indicate that the current high valuation likely prices in much of the growth projected through 2031, when revenue is expected to reach $70 billion, leaving the company little room for execution errors.