SpaceX shares surged in premarket trading on Monday, rising more than 6% after a strong post-IPO performance that has placed the company among the most closely watched names in global markets. The stock was trading near the $170 level at 8:27 a.m. ET, following a close of $160.95 on Friday, marking a gain of more than 19% above its initial public offering price.

The sharp rise has pushed SpaceX’s market capitalization beyond $2 trillion, positioning it as one of the most valuable newly listed companies in history. The rally reflects strong investor interest in the aerospace and satellite communications firm, which has expanded rapidly in recent years through its launch services and Starlink internet business.

Despite the momentum, concerns over valuation continue to surface among analysts and market observers. According to CNBC, SpaceX’s capital expenditures for the quarter ending in March rose sharply to $10.1 billion, compared with $4.1 billion in the same period last year. A significant portion of this spending has reportedly been directed toward artificial intelligence-related initiatives.

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The company’s financial outlook has also drawn scrutiny following its merger with Elon Musk’s AI startup xAI in February. SpaceX reportedly recorded a loss of nearly $5 billion last year, raising questions about when the company’s aggressive investments will translate into sustained profitability. Some analysts have warned that expectations may be running ahead of actual earnings performance.

Financial experts have also expressed caution regarding the company’s valuation narrative. Paulina Roszkowska, a finance lecturer at Bayes Business School, told CNBC that while SpaceX has made ambitious projections, it still needs to demonstrate how those expectations will convert into consistent cash flow. She also pointed to limited transparency around governance and execution risks in available disclosures.

Adding to the debate, Morningstar analyst Nicolas Owens had previously described the stock as overvalued ahead of its listing. Meanwhile, market data suggests a limited free float, with only about 4.3% of shares available for public trading, while the remainder is held by founders, early investors, and employees. Reports indicate that more than 4,400 current and former employees could become millionaires due to the listing, with a smaller group holding significantly larger equity stakes.

Elon Musk has projected aggressive long-term growth for the company, stating on social media that SpaceX could surpass $1 trillion in annual revenue by 2030 or shortly thereafter. While investment banks such as Goldman Sachs and JPMorgan have issued optimistic forecasts for future revenues, analysts continue to emphasize that long-term projections remain highly dependent on execution, profitability, and sustained demand in the space sector.

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