Stock Market Update

[BRIEFING.COM] The major averages trade in a stable range near session highs at midday.

SpaceX's (SPCX 174.84, +13.89, +8.63%) Bullish momentum is carrying into a second session, with shares up another 7.5% and now 29% above the $135 IPO price, extending an already impressive debut for the largest IPO in market history. The enthusiasm reflects a combination of scarcity value, strong institutional and retail demand, and investor appetite for a unique long-term growth story spanning launch services, broadband, defense, mobile connectivity, and AI infrastructure.

Investors appear to be valuing SPCX less as a traditional aerospace company and more as a platform asset positioned at the intersection of several major growth themes.

The primary risk is valuation. With a market cap above $2.1 trillion, the stock already reflects substantial future success despite remaining unprofitable, including a $4.94 billion net loss in 2025 and a $4.28 billion loss in 1Q26.