SpaceX's highly anticipated public listing delivered a blockbuster debut on Friday. Shares of the Elon Musk-led company, trading under the ticker SPCX, opened on the Nasdaq at $150, above their initial public offering price of $135, and surged roughly 30% intraday, according to a CNBC report. The rally pushed the company's market capitalization to approximately $2.3 trillion, making Musk the world's first trillionaire.
The historic first-day pop came on record-breaking volume, with trading platform Robinhood reporting 'record-breaking' traffic that briefly caused intermittent disruptions, which have since resolved. The IPO represents the largest ever, underwriting a massive payday for lead banker Goldman Sachs. The stock's surge reflects investor enthusiasm for SpaceX's dominance in space launch and satellite internet, as well as Musk's broader technological ambitions.
However, not all analysts are convinced the math holds up. Nick Colas, co-founder of Data Take Research, described the IPO's valuation as a 'calculus based on faith,' arguing that investors are betting on Musk's track record of delivering breakthrough technology rather than on any rationally modeled financial projections. Adding to the controversy, S&P's decision not to include SpaceX in its benchmark index was called 'a huge mistake' by TD Securities' Peter Haynes.
The broader market reaction was muted, with the defense-space convergence theme gaining renewed attention. While the stock's immediate trajectory remains volatile, the IPO cements SpaceX as one of the most valuable publicly traded companies, eclipsing established giants. Investors now face the question of whether the current price reflects long-term potential or short-term euphoria.