SpaceX is set to begin trading on Wall Street after pulling off the largest initial public offering in history, raising $75 billion and instantly vaulting the company into the upper echelon of publicly listed firms. The stock, under ticker SPCX, is expected to open later today, with shadow-market trading suggesting a 35% gain for shares, according to Bloomberg. Broader equity markets edged higher in anticipation, with S&P 500 and Nasdaq futures inching up as traders braced for the debut.
The record-breaking haul reflects immense investor appetite for Elon Musk's rocket-and-satellite juggernaut, which dominates the global launch market and operates the Starlink broadband network. Gwynne Shotwell, the company's long-time president, told CNBC she had harbored doubts about going public for years but now has a message for incoming investors. The IPO's sheer size — the largest ever — has forced many Asian funds to find creative workarounds, piling into space-focused ETFs and supply-chain stocks to capture a piece of the action, the South China Morning Post reports.
Market reaction has been mixed beyond the IPO itself. While the Dow Jones Industrial Average ticked higher, US tech stocks dipped as volatility flared, and oil prices slid after President Trump claimed the US and Iran were nearing a peace deal. Barron's cautioned that the "hopes and dreams" tied to SpaceX may be propping up markets, warning of a potential reality check once the hype fades. The Financial Times noted a broader tension as traders juggle excitement over the debut with a nervous macro backdrop.
Analysts remain divided on the stock's immediate trajectory. Shadow-market pricing points to strong demand at the open, but some observers question whether the $75 billion valuation can hold without consistent quarterly earnings growth. The company's heavy reliance on government contracts and the capital-intensive nature of space exploration add layers of uncertainty. Whether SpaceX can match investors' long-term expectations or become a cautionary tale about IPO euphoria will become clearer once the first closing bell rings.