Shares of Space Exploration Technologies Corp. (NASDAQ:SPCX) jumped 10.23% to $212.19 in early pre-market trading on Tuesday, pushing its valuation to an astonishing $2.78 trillion.

The massive spike caught the attention of Jim Cramer, who noted that eager investors “can’t stop buying” the hot stock, while legendary fund managers Ron Baron and Gavin Baker, tracking the long-term fundamentals, hailed Elon Musk‘s enterprise as the ultimate AI “token factory.”

Premarket Frenzy And New Valuation Milestones

Based on the closing market capitalization of $2.519 trillion on Monday, this pre-market rally to $212.19 on Tuesday stacks on an additional $258 billion, elevating the company’s total market value to roughly $2.777 trillion.

Commenting on the pre-dawn liquidity squeeze, Cramer posted that buyers are “going nuts for SpaceX” in 24-hour trading windows. Cramer added that without heavy institutional sellers arriving to defend the tape, motivated buyers could easily “walk this one up billions and billions of dollars higher.”

The buyers, right now, 4 a.m. are going nuts for SpaceX, taking it through $210. They just can't stop buying and as you can imagine, there are no sellers of size around at this hour. The buyers could walk this one up billions and billions of dollars higher without some source of…

— Jim Cramer (@jimcramer) June 16, 2026

Baron’s Trillion-Dollar Revenue Vision

This technical surge is heavily reinforced by structural long-term conviction from institutional backers. Appearing on CNBC, billionaire investor Baron revealed that Baron Capital increased its massive position, purchasing another billion dollars of stock to bring its total holdings to $25 billion.

Baron strongly defended Musk's valuation, noting that the internal prospectus proves the company is “at least ten years ahead of everyone else.”

He relayed that Musk is targeting an unprecedented “$1 trillion of revenues in 2030″—a massive 50x leap from last year’s $19 billion baseline.

The Edge Of Compute Infrastructure

Meanwhile, appearing on TBPN, Baker outlined why treating the aerospace titan as a pure launch provider misses the point entirely.

Baker emphasized that SpaceX’s true near-term value lies in its unparalleled speed at activating terrestrial AI data centers and deploying power grids.

Citing eye-popping monetization metrics, such as generating $50 billion per gigawatt on its Google hosting deal, Baker asserted that “being a token factory is more than enough for the next 5 to 10 years,” confidently dismissing bubble fears because physical “installed atoms on earth” will exponentially appreciate.

SPCX Nears $3 Trillion M-Cap

The SPCX stock has been advancing since its debut when it opened at $150.00 apiece on Friday, representing an 11.1% premium to the IPO price of $135.

As of Monday, it closed 19.60% higher at $192.50. However, in premarket on Tuesday, the score rose 10.23% at the last check.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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