NEW YORK: SpaceX made a dramatic debut on the Nasdaq on Friday after its long-awaited initial public offering (IPO), with shares surging sharply in early trading and pushing the company’s valuation above $2 trillion, according to market data.
The stock, listed under the ticker “SPCX,” opened at $135 per share and quickly climbed to around $170, marking what analysts described as one of the largest IPOs in market value history.
The strong performance has also placed CEO Elon Musk in a historic financial milestone, with his wealth reportedly crossing the trillion-dollar mark, making him the world’s first trillionaire as long as the stock remains above the $138 level.
SpaceX, which recently merged with Elon Musk’s artificial intelligence firm xAI, now holds a combined valuation exceeding $2 trillion. The figure surpasses the market value of major corporations such as Walmart and General Motors, though it remains below tech giants like Google and Nvidia, which have crossed $4 trillion valuations.
While the IPO is being described as the largest in terms of total value, it is not the biggest in terms of shares offered, with approximately 555.5 million shares made available. Analysts say the limited share supply has contributed to strong investor demand and higher pricing.
However, questions remain over the company’s future performance, particularly following its merger with xAI, which reportedly posted $5 billion in losses this year. The combined entity has outlined plans to generate future revenue through artificial intelligence data centres in space, though the concept is still untested.
Market observers say the share price is likely to remain volatile as investors assess the long-term viability of SpaceX’s expansion into AI-driven space infrastructure.
Elon Musk, who retains more than 80 percent voting control of SpaceX, has not yet commented extensively on the IPO performance following its launch.
