Shares in Elon Musk's SpaceX closed almost 20 percent higher on their trading debut Friday, following what is being called the biggest initial public offering in history. The surge propelled the polarizing entrepreneur to become the world's first trillionaire, as he repeated his promise to take humanity to Mars.
ARK Invest, the firm led by Cathie Wood, bought 3.3 million SpaceX shares on IPO day, adding to its already substantial Tesla stake. The purchase underscores strong institutional appetite for the rocket company, which has long been seen as a bellwether for the commercial space industry.
The record-setting IPO and immediate share price rally have drawn comparisons to historic market manias, with nearly half of Americans now saying they buy stocks based on FOMO, according to a Yahoo Finance report. The SpaceX debut is being called the ultimate test of this phenomenon, as retail and institutional investors alike pile in.
Looking ahead, analysts remain split on valuation. Bulls point to SpaceX's dominant launch cadence and Starlink revenue stream, while bears warn that the current price bakes in decades of future growth that may not materialize. The stock's first-day pop has added billions to Musk's net worth, but skeptics question whether the hype can be sustained.