Gene Munster, managing partner and co-founder of Deepwater Asset Management, said investors watching SpaceX's expected market debut should focus less on its $1.77 trillion valuation and more on the $75 billion primary stock sale that could shape early trading.

Munster Says Float Matters More Than Valuation

In a post on X on Wednesday, Munster said the size of the primary raise is the more important figure in assessing how SpaceX may trade in the month after its initial public offering. The offering could rise to about $86 billion if underwriters exercise overallotment options.

Munster said the structure would leave a limited float, or the number of shares available for public trading. He argued that tight supply, combined with intense demand, could fuel an immediate IPO "pop."

When discussing how @SpaceX will trade in the month after its IPO, the $1.77T valuation is less important.The bigger number is the $75B primary raise (potentially $86B with overallotment), which should fuel an IPO pop given the very limited float.Longer term, there should be… https://t.co/n1ujSL3S3k

— Gene Munster (@munster_gene) June 3, 2026

"When discussing how @SpaceX will ...