SpaceX Rockets 21% in Record Nasdaq Debut, Vaulting Past a $2 Trillion Valuation
Elon Musk’s rocket and satellite venture stormed onto the public markets Friday, and investors wasted no time piling in. Shares of Space Exploration Technologies (SPCX) jumped 21% on their first day of trading, capping what now ranks as the largest initial public offering the world has ever seen.
A Debut That Blew Past Expectations
SpaceX opened at $150, well above its $135 IPO price, and climbed as high as $168.75 before settling around $163.21. That move handed early investors a roughly 21% gain right out of the gate.
More importantly, the rally pushed SpaceX past a $2 trillion market capitalization. As a result, the company instantly joined the ranks of the 10 most valuable public firms in the United States, and notably, it now carries a higher valuation than Musk’s own electric-car maker, Tesla (TSLA).
Record-Breaking Demand From Wall Street and Main Street
Behind the surge sat an extraordinary wave of demand. The IPO will raise a record $75 billion and is set to close on Monday, according to a company statement. On top of that, SpaceX handed underwriters a 30-day option to buy up to 83.3 million additional Class A shares at the offering price.
Investor appetite proved staggering. The deal drew more than $350 billion in orders, and institutions alone accounted for over $250 billion of that total. BlackRock (BLK), for its part, reportedly placed an order for at least $5 billion worth of shares.
Ripple Effects Across the Tech Sector
While SpaceX celebrated, the rest of the market felt the tremors. Wedbush Securities flagged that the frenzy had already begun reshaping trading behavior across technology names.
“We have already started to see SpaceX impact the entire (technology) market with many investors selling existing tech stocks to make strategic bets on the SpaceX IPO,” analyst Dan Ives wrote. He added that the anticipation had injected fresh volatility into the sector as traders braced for the deal’s ripple effects.
A Trillionaire Is Born
Ultimately, the debut reshaped more than just a market-cap leaderboard. According to Reuters, the listing pushed Elon Musk’s personal fortune to a new milestone, making him the world’s first trillionaire, a fitting headline for a company that just rewrote the IPO record books.
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