SpaceX made its heavily anticipated public debut on Friday, with shares opening on the Nasdaq at $150 and closing up 19%, according to multiple reports. The rally propelled the rocket company's market capitalization to approximately $2.1 trillion and made CEO Elon Musk the world's first trillionaire.
The milestone caps a years-long buildup to the largest initial public offering in history. Musk, already the richest person on the planet, has now entered what Wired called “an unexplored frontier of wealth.” The IPO was priced at $135 per share before opening higher.
SpaceX's stock, trading under the ticker SPCX, closed its first day at roughly $161, giving it a market cap above $2 trillion. The company did not disclose the exact number of shares outstanding, but the valuation reflects investor enthusiasm for its dominance in both launch services and satellite internet.
The $2.1 trillion valuation makes SpaceX one of the most valuable companies globally, surpassing many established tech giants. The wealth created by the IPO positions Musk to further invest in his other ventures, including Tesla and xAI, though the exact distribution of his holdings remains private.
Some analysts caution that the stock's high valuation may be pricing in years of future growth, leaving little room for error. Skeptics point to the cyclical nature of capital-intensive space projects and regulatory risks as potential headwinds.