Key facts
- SpaceX shares surged nearly 40% in their first week as a public company.
- The company's market value exceeded $2 trillion.
- SpaceX raised over $75 billion in its IPO.
- Retail investors accounted for a record 20% of IPO shares.
- Net retail buying on debut reached $117.6 million.
SpaceX's initial public offering has triggered significant market activity in its first week as a public company, with shares climbing nearly 40% from their IPO price of $135. This surge has propelled the company's valuation above $2 trillion, briefly placing it among the world's top five most valuable firms.
On its Nasdaq debut on June 12, SpaceX shares rose 19%, raising over $75 billion in a record-setting offering and momentarily surpassing $2 trillion in market capitalization, making it the sixth-largest U.S. company by market cap despite its current unprofitability.
The company experienced a trading frenzy, with its share turnover consistently leading among large U.S.-listed firms in the initial days, at times exceeding Nvidia's turnover by more than 3.5 times.
SpaceX allocated a record 20% of its IPO shares to retail investors, who purchased millions of dollars worth of stock. Data from Vanda Research indicated that net retail buying on the debut day alone reached $117.6 million, the highest ever for an IPO.
Trading in SpaceX options commenced on June 16, attracting substantial investor interest and achieving record volumes, with a dominant bullish sentiment reflecting demand for exposure to Musk's ventures. The stock's initial explosive gains briefly positioned it as the fourth most valuable company globally, surpassing Microsoft's valuation at one point. However, the stock encountered volatility in the latter half of the week, a pattern reminiscent of Tesla's performance after its 2010 debut.