SpaceX Surges 15% Intraday, Total Market Value Tops 2.4 Trillion. Underwriters Fully Exercise Over-Allotment Option, Morningstar Sees Short-Term Upside for Stock Price

Tradingkey - On June 15, during U.S. intraday trading, SpaceX ( SPCX) rose to as high as $188.8, hitting a new high since its listing. As of press time, it was up over 15.09% at $185.24, with a market capitalization of $2.42 trillion, ranking sixth in the U.S. market value rankings, trailing only Amazon ( AMZN )'s $2.65 trillion market cap.

In terms of news, SpaceX's underwriters exercised their over-allotment option, bringing the total fundraising size to $85.7 billion, continuing to set a new historical record for global IPOs.

According to data from financial analysis firm Vanda Research, retail investors secured approximately 20% of the IPO allocation and made net purchases of SpaceX stock worth up to $117.6 million on the first day of trading. This set a new record for retail subscriptions on an IPO debut in U.S. stock market history, surpassing the previous high set by digital currency exchange Coinbase when it listed in April 2021.

Morningstar equity analyst Nicolas Owens pointed out that SpaceX's initial public offering (IPO) was priced at $135 per share, which he considers significantly overvalued given the wide range of variables in its future financial performance.

The firm stated that there is still significant uncertainty regarding the development path of the company's AI business, and a clear economic moat has yet to be established. Instead, it may pose a significant risk of value destruction to the company's overall value, with a calculated fair value of $63 per share.

However, the firm claimed that multiple factors will support the stock price in the short term: first, the low public float in the early stages of SpaceX's listing; second, the broad participation of major global investment banks in this IPO; third, the sustained strong demand for AI infrastructure; combined with the fact that the company's shares will be included in the Nasdaq 100 Index just 15 trading days after listing, SpaceX's stock price is expected to remain strong in the short term, with potential for further upside.

Market analysis indicates that although SpaceX's core identity is an aerospace and satellite communications company, Wall Street now widely regards it as a proxy for core AI stocks due to its previous deep business integration with the AI firm xAI.

Richard Hunter, head of markets at interactive investor, emphasized that it is precisely its deep involvement in the AI ecosystem that has further amplified and supported investor expectations for its high future growth potential.