SpaceX has completed a stock market debut unlike anything Wall Street has seen before. The company priced its record $75 billion initial public offering at $135 per share, opened at $150 and finished its first Nasdaq session at $160.95. That was a gain of roughly 19% and gave SpaceX a market value of about $2.1 trillion.

More than 510 million shares changed hands, showing the scale of demand from institutions and retail traders. However, this is not a conventional value story. SpaceX remains unprofitable, generated $18.7 billion in revenue and is trading at roughly 112 times revenue. Investors are paying for the future of reusable rockets, Starlink, direct-to-cell communications, government contracts and possible orbital computing.

Winners

SpaceX and the Starlink commercial ecosystem

SpaceX is the clearest wi ...