Robinhood traffic surges on SpaceX IPO debut

Robinhood reported "record-breaking" traffic on its trading platform Friday following the public market debut of SpaceX shares. The company noted that some customers experienced latency and intermittent issues, but the platform quickly recovered.

SpaceX's shares commenced trading on the Nasdaq stock exchange around 11:47 a.m. ET, immediately rising approximately 11% and pushing the company's valuation past $2 trillion. This valuation made Elon Musk the world's first trillionaire. In the first hour of trading, approximately 263 million shares changed hands, representing about $42 billion worth of SpaceX stock.

SpaceX made only about 4% of its shares available for trading in the initial public offering, positioning the stock for significant price volatility as it begins its life as a public company.