Trader Tuchman: SpaceX IPO could open near $1,000

Peter Tuchman, a longtime New York Stock Exchange floor trader, predicts SpaceX’s Nasdaq debut this week could open near $1,000 a share even though the IPO is priced at $135.

He cited heavy demand and a limited supply of shares on the first day of trading as reasons for a large opening gap. By his calculation, the offering implies roughly a 100-times earnings multiple.

SpaceX fixed its IPO price at $135 to raise about $75 billion and target an implied market value near $1.77 trillion. Reported demand totaled about $150 billion, roughly double the amount the company aims to raise. One brokerage lowered its minimum retail investment to $2,000 ahead of the listing.

Tuchman, who says he trades up to $1 billion a day on the NYSE floor, forecast a strong first-day pop. “It will come out at 135. I would bet it opens at a thousand, just because there’s such a limited supply. So many people want it,” he said.

He questioned the valuation compared with other large tech names, noting Meta Platforms trades near an 11-times earnings multiple and Nvidia near 18 times. “A 100 times earnings to come out is a little bit frothy at best,” he added.

Tuchman urged investors to watch the opening trade before committing funds and cautioned the stock could swing widely. “This is my best recommendation without recommending anything: let it open, watch what happens, see it,” he observed, and he warned against trying to buy into a rapid early decline.

He also raised questions about insider selling restrictions, saying some insiders may be barred from selling until the company’s founder allows it.

Market participants are watching for spillover effects on aerospace and satellite companies; a strong debut could lift related names, while a sharp decline could pressure the sector.

Key facts: IPO price $135, target raise about $75 billion, implied valuation roughly $1.77 trillion, reported demand about $150 billion, and a reduction in some broker minimums to broaden retail access.