SpaceX Sees 7% Drop After Nasdaq-100 Debut and $2T Valuation
SPCX•SpaceX recorded a 7% decline on its first day in the Nasdaq-100 following its record IPO at a $2 trillion valuation and now trades at over 100 times its 2025 revenue, prompting concerns over sustainability. International investors gained access to SpaceX shares through Backpack’s new 24/7 market with real securities settlement in fiat or stablecoins, potentially enhancing liquidity.
1. Nasdaq-100 Inclusion and Market Reaction
SpaceX’s inclusion in the Nasdaq-100 followed its record IPO that valued the company at $2 trillion. The stock slid 7% on its first day in the index and now trades at over 100 times projected 2025 revenue, raising questions about near-term growth to justify the premium.
2. Backpack’s 24/7 Trading Launch
Backpack launched a continuous trading market for real U.S. equities, including SpaceX, allowing international investors to hold actual shares with instant settlement in fiat or stablecoins. This 24/7 platform could increase liquidity and narrow bid-ask spreads by extending trading beyond traditional hours.
