BlockBeats News, June 12th, SpaceX will officially land on Nasdaq tonight, with the stock code SPCX. The IPO price is $135 per share, corresponding to a valuation of approximately $1.77 trillion. The company plans to raise $75 billion, making it one of the largest IPOs in history. Market sentiment is clearly divided, with traders and analysts forming two major camps regarding its debut performance:

· The bullish view believes that due to FOMO sentiment, a small float structure, and expectations of inclusion in the Nasdaq index, SpaceX has significant upside potential on its first day of trading, with a possible market cap reaching the $2 trillion to $2.5 trillion range. Predictive market data shows that traders have a high probability expectation of its market cap surpassing $2 trillion on the first day.

Some investment banks, such as Oppenheimer, have given it an "Outperform" rating and set a target price of $190, implying a potential upside of over 40% from the IPO price. Reasons include the commercialization potential of Starlink, vertical integration capabilities, and the long-term expansion logic of the space and AI markets. At the same time, retail investors and Musk supporters are highly optimistic, considering it as a "generational investment opportunity," with strong retail demand for subscriptions and some channels experiencing oversubscription.

· The cautious camp points out that the valuation has significantly priced in future growth expectations. Institutions, including Morningstar, believe that the fair valuation is far below the IPO price, with some models only around $780 billion; academic valuations are also generally lower than the current pricing level. The market is concerned that its long-term growth relies on an unverified technical path and continued high capital investment.

In addition, analysts warn that historically, large-scale IPOs often experience overheating on the first day and subsequently underperforming the market in the long term. The current structurally low float could amplify volatility risks.

Overall, SpaceX's first-day trading is likely to experience intense volatility driven by sentiment and liquidity. However, the medium- to long-term performance still depends on earnings realization capability and technology validation. The market generally advises focusing on emotional trading in the short term and waiting for further clarification of the fundamentals in the long term.