SpaceX stock popped as much as 20% in its first hours of trading Friday, surging to a market capitalization exceeding $2 trillion after what analysts are calling the biggest IPO ever. Shares opened on the Nasdaq under the ticker SPCX, with early indications from the exchange pegging the stock around 15% higher before trading began.
The explosive debut caps years of anticipation around the private company, which has dominated the launch market and built the Starlink satellite network. The IPO also vaults CEO Elon Musk closer to becoming the world's first trillionaire, according to The Register — though the Engadget podcast raised questions about the disconnect between investor enthusiasm and Musk's controversial public statements, including allegations of racism.
Wall Street analysts responded with a flurry of price targets and ratings on Friday, with firms including Nvidia and AMD also drawing coverage updates alongside SpaceX. The rally pushed the company's valuation past $2 trillion, cementing Musk's rocket builder as one of the most valuable publicly traded corporations in the world.
Some investors have expressed caution, however, pointing to the company's massive capital expenditure requirements for Starship development and the challenge of maintaining Starlink's subscriber growth amid rising competition. The gap between SpaceX's astronomical valuation and the messy public persona of its CEO remains a persistent risk factor for long-term holders.