SpaceX has completed a historic IPO priced at $135 a share, valuing the company at more than $2 trillion. Its first public financial report showed a net loss of nearly $5 billion in 2025 alongside $10.1 billion in capital expenditures, largely directed toward artificial intelligence. CFRA and Morningstar set price targets of $115 and $63, respectively, well below the current share price, adding to near-term volatility in how the stock is being valued.