TLDR SpaceX set its IPO price at $135 per share. The IPO values SpaceX at about $1.77 trillion. Jim Cramer warned demand could push shares too high. Retail market orders may increase first-da
SpaceX has entered public trading with demand far exceeding available shares, raising concerns about sharp early price swings. The company set its IPO price at $135 per share, giving it a valuation of $1.77 trillion. Heavy institutional interest and strong retail participation have placed the offering among the most anticipated market debuts this year.
According to a report by CNBC, television host Jim Cramer said SpaceX could experience an unusually volatile first trading session. He said the stock may attract a combination of institutional buyers, retail traders, and future index-related demand.
As a result, he argued that share prices could move far beyond levels usually seen after major IPO launches. Cramer said extreme demand could temporarily push the company toward valuations rarely seen in public markets.
He explained that the strongest public offerings usually trade in a controlled manner after listing. Instead, SpaceX faces conditions that could create large price moves shortly after trading begins. Cramer said he worries about inexperienced traders placing market orders rather than limit orders. He described those buyers as “new, unguided missiles who can’t be controlled.”
Cramer said retail enthusiasm may combine with institutional demand to create additional buying pressure. He stated that many traders could enter positions immediately after the opening bell. If enough orders arrive simultaneously, he said the stock could briefly challenge the valuations of the world’s largest companies. However, he stressed that such moves often prove difficult to maintain.
Speaking on his “Mad Money” program, Cramer raised the possibility of a temporary valuation between $4 trillion and $5 trillion. “Can a $4 to $5 trillion stock really be at hand?” he asked. He then answered, “For a few minutes perhaps, just as long as it takes to gaffe a marlin.” Cramer added that rapid gains can disappear quickly if buyers fail to support elevated prices.
The IPO has already attracted strong interest before trading began. Reports cited by CNBC said demand exceeded available shares by roughly four times. While oversubscription often signals confidence, Cramer argued that excessive demand can also contribute to unstable trading conditions. He said a measured opening would provide a healthier path for long-term performance.
To support his view, Cramer referred to recent public offerings that delivered strong early gains before retreating. He cited Figma, which went public in July 2025, as one example. He also mentioned Cerebras, which entered public markets in May. According to Cramer, both companies initially climbed higher before entering extended declines.
Cramer said the objective should not be an explosive first-day rally. Instead, he argued that newly listed companies benefit when prices rise gradually over time. He said orderly trading allows markets to establish sustainable valuations. “We want the deals to be under control because otherwise it can be disastrous,” Cramer said.
SpaceX begins trading with a fixed IPO price of $135 per share. That price values the company at approximately $1.77 trillion. Market participants will now watch how demand develops during its first session as a publicly traded company.
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