SpaceX shoots up 11% in market debut, but faces an Asia problem

Limited penetration of Starlink and AI in the region raises questions over lofty valuation

In addition to making two of its flagship products work, SpaceX's future growth also hinges on Asia, a market it has only started to tap. © Reuters

PALO ALTO, California -- Shares in Elon Musk’s SpaceX shot up 11% when the market opened in their market debut on Friday, following a blockbuster IPO that priced its shares at $135 apiece and gave the company a roughly $1.75 trillion valuation.Both institutional and retail investors have shown great interest in the highly-anticipated historical market debut, but whether SpaceX will be able to justify its lofty valuation is still a question to be answered – largely by its future in Asia.