Key facts
- SpaceX shares began trading on Nasdaq above their IPO price, opening at $150 versus $135.
- The company's valuation surpassed $2 trillion following its market debut.
- Options contracts on SpaceX are scheduled to begin trading on Tuesday.
- The IPO raised $75 billion, making it the world's largest.
- SpaceX is expected to be included in the Nasdaq 100 index under new fast-entry rules.
SpaceX shares soared on their Nasdaq debut Friday, pushing the company's valuation past $2 trillion and marking the world's largest IPO with $75 billion in proceeds. The stock opened at $150, well above its $135 IPO price, and closed at approximately $161, a 19% increase. This strong performance made SpaceX the sixth-largest U.S. company by market capitalization.
The debut saw trading volume exceed 500 million shares, valued at around $80 billion. Investors, including a significant allocation to retail participants, showed broad enthusiasm for Elon Musk's space exploration, internet service, and AI ventures. SpaceX executives celebrated the milestone at the Nasdaq market site, while Musk held a separate event for employees.
Analysts offered mixed views on the valuation. While some, like Dan Coatsworth of AJ Bell, highlighted the impressive value added at debut, others like Morningstar analysts suggested a more conservative valuation of $780 billion. CFRA initiated coverage with a sell rating. Nancy Tengler of Laffer Tengler Investments compared the company's transformative potential to Amazon, indicating a long-term view regardless of short-term stock price fluctuations.
SpaceX's inclusion in the Nasdaq 100 index is anticipated under new fast-entry rules, expected within a month, which could drive further demand from passive funds and ETFs. This event follows a period of limited IPO activity, and its success may influence future large listings, including those from AI heavyweights Anthropic and OpenAI.