SpaceX shares began trading Friday under the ticker SPCX, surging as much as 20% in what sources describe as the biggest initial public offering in history. The stock popped roughly 17% to 20% above its IPO price on the Nasdaq, with early indications of a 15% gain before the open. At its peak, the company reached a valuation exceeding $2 trillion.
The landmark listing comes after years of anticipation from a finance world eager for a piece of the private space industry's most dominant player. The debut also positions CEO Elon Musk to potentially become the world's first trillionaire, though his controversial public persona — including allegations of racism — remains a point of tension for some investors.
Not everyone is bullish. Research firm CFRA issued a sell rating shortly after trading began, citing concerns that SpaceX's reusable Starship rocket could become a "bottleneck" for multiple business segments. The cautionary note stands in contrast to the broader market enthusiasm, with several analysts issuing positive calls Friday alongside coverage of Nvidia, AMD, and Broadcom.
Looking ahead, investors will focus on whether SpaceX can sustain this early momentum in the coming days. Key catalysts include the company's Starlink satellite internet business and its role in NASA missions, both of which depend on Starship's successful scaling. One trader has also flagged a quieter "stealth play" stock tied to the space sector as a potential alternative for those seeking less volatile exposure.
The company's ability to deliver on its ambitious production timeline for Starship will be critical. Without it, analysts warn, the growth story underpinning this historic valuation could face headwinds.