Reacting to SpaceX’s blockbuster market debut, Kotak said the company’s valuation defies conventional financial metrics and represents a massive bet on the future.
https://x.com/udaykotak/status/2065623013681471615?s=46
The comments came after SpaceX shares surged 19% during their first day of trading on Nasdaq, closing at $161 per share. The stock had opened at $150, well above its IPO price of $135, giving the company a market capitalisation of roughly $2.1 trillion and making it one of the most valuable publicly traded firms.
In a post on X, Kotak noted that it remains to be seen whether this is a transformative breakthrough or a speculative bubble.
“SpaceX IPO, listing, and beyond, is a true test for capitalism. The valuation does not fit any traditional matrix and is a huge bet on the future course of planet earth. Only time will tell whether we, the human race, have arrived into the fairy tale world we grew up in as children, or are in a mega bubble,” the veteran banker wrote on X.
SpaceX IPO, listing, and beyond, is a true test for capitalism. The valuation does not fit any traditional matrix and is a huge bet on the future course of planet earth. Only time will tell whether we, the human race, have arrived into the fairy tale world we grew up in as…
— Uday Kotak (@udaykotak) June 13, 2026
He also praised Musk’s journey, writing, “Either ways, kudos to the man who came as an immigrant, and to the country that has allowed such boundless creativity to flourish despite all the risks it embeds.”
The strong market debut also pushed Elon Musk into another historic milestone. Following SpaceX’s first trading session, the entrepreneur became the world’s first trillionaire based on the combined value of his holdings in SpaceX and Tesla.
Regulatory filings showed that Musk owned roughly 849 million Class A shares and 5.57 billion Class B shares in SpaceX before the IPO. Based on the stock’s opening price, his stake in the company was valued at nearly $750 billion. Combined with his Tesla holdings, estimated at around $280 billion, Musk’s total fortune crossed the $1 trillion mark, making him the world’s first trillionaire.
Speaking on the day of the IPO, Musk reiterated the company’s long-term goal of making space travel accessible to all rather than a select group of astronauts.
“SpaceX is all about, is take science fiction and create an exciting, inspiring future for everyone. We want to be able to take anyone who wants to go to the moon, anyone who wants to go to Mars… not just a few astronauts, I mean, you, literally you,” he was quoted as saying by Fortune.
