Space Exploration Technologies Corp. (NASDAQ:SPCX) is barreling toward a historic $3 trillion market cap as the Elon Musk-led rocket and satellite company’s shares surged 11.84% to $215.30 apiece in premarket trading on Tuesday.

This surge has even pushed the street’s most optimistic bulls to extend their valuation justifications out to the year 2028 just to make the current numbers make sense.

The Bull Case Stretched To 2028

This explosive overnight move has increased the aerospace giant’s market valuation to a staggering $2.82 trillion, despite it being at $2.52 trillion as of Monday’s close, leapfrogging Amazon.com Inc.(NASDAQ:AMZN) to become the fifth-largest company globally.

Futurum Equities’ Shay Boloor initially labeled the blockbuster IPO a “clear success” and defended the initial valuation as “not crazy,” pointing to Starlink’s high margins and a monopoly-like launch business.

However, his bullish thesis heavily relied on SpaceX multiplying its EBITDA to $50 billion by 2028 to achieve a plausible 40x multiple.

With overnight trading tacking on an additional $300 billion to the market cap, investors are aggressively prepaying for operational milestones slated for much later in the decade.