SpaceX shares climbed as high as 25% on Friday, the first day of trading on the Nasdaq, pushing the company's market capitalization above $2 trillion. The stock opened at $150 under ticker SPCX, roughly 11% above its initial public offering price of $135, before surging further. The IPO itself raised $75 billion, a record for any public listing, according to Bloomberg.
Elon Musk, who holds a controlling stake in the company, became the world's first trillionaire as a result. Musk was previously estimated to be worth approximately $813 billion before the debut, according to the Washington Examiner, with the IPO lifting his net worth past the trillion-dollar threshold. The milestone comes after years of anticipation for SpaceX's public listing.
The rally reflects investor enthusiasm for SpaceX's dominance in space launch, its Starlink satellite internet business, and its edge in AI-driven rocket technology. Retail and institutional buyers crowded the Nasdaq floor, with early investors seeing life-changing gains. Fortune reported one early backer sitting on a $300 million windfall from the offering.
Not all analysts are convinced the valuation is sustainable. Questions about governance and execution risk remain, with Bloomberg noting that Musk's growing control of the board and his dual role at other ventures could introduce conflicts. The Motley Fool cautioned potential buyers not to let fear of missing out drive investment decisions at these elevated levels.