Kevin O’Leary Defends SpaceX’s IPO Valuation, Calls it a ‘Bet on Vision’

Canadian entrepreneur and billionaire investor Kevin O’Leary has defended SpaceX’s lofty valuation following its record stock market debut, arguing the premium reflects what the company could become rather than what it earns today.

O’Leary: SpaceX Premium Is About the Future

In a Saturday post on X, O’Leary said SpaceX’s valuation is about where investors believe the company is going, not just where the business stands now. He acknowledged that Starlink drives much of the current cash flow, but said the market’s enthusiasm rests on Elon Musk’s track record of building entirely new industries. “That’s why the market continues to assign such a premium to the company,” he wrote.

O’Leary acknowledged that the valuation will always be debated and that not every investor agrees with it. However, he said the heavy demand for the offering points to a broader belief that SpaceX could be one of the defining platforms of the next decade. “Many investors see this as a bet on vision, innovation, and execution,” he concluded.

His comments followed SpaceX’s Nasdaq debut, which priced at $135 per share and raised about $75 billion, the largest IPO on record, valuing the company near $1.77 trillion. The rally pushed Musk past $1 trillion in net worth, making him the world’s first trillionaire.

The milestone also drew some scrutiny. Senator Bernie Sanders called Musk’s rise to trillionaire status a reason for concern rather than celebration, tying it to wealth inequality and the influence of money in politics.

He pointed to Musk’s roughly $290 million in spending to help elect President Donald Trump and a roughly $700 billion jump in his fortune since the election, warning the economy cannot sustain one person holding more wealth than the bottom half of society.

However, Bitcoin advocate Robert Breedlove dismissed Sanders’ framing as driven by envy and argued that Bitcoin weakens the influence of such critics, casting the asset as a counter to political efforts to redistribute wealth.

Tokenized SpaceX Stocks Top Solana Trading

As reported, tokenized SpaceX stocks led trading on Solana following the company’s record Nasdaq debut, with versions from three issuers raking in millions in volume. Backpack Securities’ SPCX topped all stock tokens with $37.8 million in 24-hour volume, followed by xStocks’ SPCXx at $6.75 million and Pre-Stocks’ SPACEX at $2.66 million.

Notably, BlackRock has also emerged as one of SpaceX’s largest institutional backers after the record IPO, acquiring roughly $882 million in holdings across several ETFs, according to Bloomberg data cited by analyst Eric Balchunas.