SpaceX shares rose approximately 6% in premarket trading on Monday, hovering around the $170 mark following its record-breaking debut on the Nasdaq last week. The company’s initial public offering (IPO) marked the largest in history, with the stock closing at $161 on Friday after being priced at $135 per share. This debut pushed SpaceX’s market capitalization above $2 trillion, a valuation that has sparked debate among analysts. Market reactions to the valuation have been mixed. CFRA initiated coverage with a “sell” rating and a 12-month price target of $115, citing “extremely ambitious growth strategy, elevated valuation expectations, and significant capital intensity.” Morningstar analyst Nicolas Owens also described the stock as “overvalued,” valuing the company at $63 per share. Conversely, New Street Research initiated coverage with a $165 price target. Despite these concerns, early investor Ron Baron expressed continued confidence, stating on CNBC’s “Squawk Box” that he believes the company’s growth potential is underappreciated. Baron Capital purchased an additional $1 billion worth of shares during the IPO to maintain its ownership percentage, bringing the firm’s total position to roughly $25 billion. Baron predicted the company could be valued between $20 trillion and $40 trillion in 10 years. The IPO also saw significant activity on blockchain-based exchanges. Hyperliquid reported that more than 7 million SpaceX perpetual futures (perps) traded on Friday with over $1.2 billion in volume. Analysts noted that these perps provided a form of early access that closely aligned with later market prices. In South Korea, Mirae Asset Securities apologized to investors on Monday for failing to secure an allocation of SpaceX shares despite being an underwriter. The brokerage stated that the U.S. Lead underwriter made a discretionary final decision to exclude them. South Korea’s Financial Supervisory Service is currently investigating the circumstances surrounding this allocation failure.