SpaceX Stock Price Tops $180 on Day Two: Morningstar Sees 65% Downside

SpaceX's stock eclipsed $180 on Monday, its second full trading day as a public company, continuing a meteoric rally after last Thursday's historic IPO. The shares touched an intraday high near $184, extending roughly a 36% gain from the $135 offer price as price-insensitive demand from index funds joined retail appetite in fueling the move. The surge places SpaceX among the five most valuable U.S. companies by implied market capitalization, estimated near $2.4 trillion, as investors speculate on the long-term potential of the aerospace and space ventures led by Elon Musk. The IPO's settlement date on Monday unlocked a broader window for additional allocations, including an overallotment option.

Analysts from CFRA and Morningstar rate SPCX as a sell, arguing the stock is priced far above its fundamentals. The stock's rapid ascent has widened the gap between investor enthusiasm and underlying value. Gina Rinehart's Hancock Prospecting disclosed a stake exceeding $1.4 billion, providing a concrete catalyst for Monday's gains. BlackRock reportedly placed a multi‑billion order ahead of the IPO, and retail demand remained intense, with Citadel Securities noting record IPO auction activity and VandaTrack showing heavier retail buying than Nvidia’s pace. The combination of high-profile buyers and strong retail demand amplified the post‑IPO rally.