SpaceX Nasdaq debut ignites valuation clash as shares climb

The offering drew unprecedented interest, with total demand exceeding $350 billion. Shares opened at $150—surpassing the $135 IPO price—before climbing to $161.68. This momentum has spilled well beyond traditional equity markets, fueling speculative activity across crypto platforms. Tokens such as SPCX on the Solana network, alongside synthetic exposure via Velvet and Hyperliquid, have seen massive trading volumes as investors scramble for a piece of the aerospace giant.

Morningstar analysts argue that current pricing disconnects from the company's underlying business performance. While they do not anticipate an immediate selloff due to restricted share availability and heavy institutional appetite, the firm maintains that long-term sustainability depends on revenue growth and profitability. As more shares enter the open market, Morningstar expects investor focus to shift from hype back to fundamentals, potentially exerting downward pressure on the stock if earnings fail to justify the current premium.