NEW YORK — SpaceX shares rose sharply on their first day of trading following the company's record-breaking initial public offering, closing up about 19% after debuting on the Nasdaq.
The rocket and satellite company, led by Elon Musk, raised $75 billion in what is the largest IPO on record, selling shares at $135 each. Shares opened at $150 and climbed as high as $176 during the session before closing at approximately $160.95, according to market data.
The IPO, which valued the company at about $1.77 trillion at pricing, propelled SpaceX into the ranks of the largest U.S. companies by market capitalization. Trading volume was heavy, with more than 510 million shares changing hands.
SpaceX, formally Space Exploration Technologies Corp., went public under the ticker SPCX on Friday, June 12. The debut followed months of anticipation for the closely held company, known for its reusable rockets, Starlink satellite internet service and crewed space missions.
Details of the share allocation showed significant interest from retail investors, who received about 20% of the offering. The IPO surpassed previous records, including Saudi Aramco's 2019 listing.
Musk, who retains substantial control of the company, saw his net worth surge with the stock performance, though exact figures depend on ongoing valuations of his holdings across ventures. The company has generated significant revenue from launches and satellite services but remains unprofitable, according to public filings and reports.
"SpaceX is the ultimate growth stock," one analyst familiar with the trading was quoted as saying in market commentary following the debut.
The listing comes as SpaceX continues operations in a competitive space industry, with contracts from NASA and commercial customers. It also operates the world's largest satellite constellation through Starlink.
As of Monday, SpaceX shares were trading in line with post-IPO momentum, though market conditions can fluctuate. The company has not released additional statements on the trading performance beyond standard disclosures.
Further details on post-IPO plans, including options trading and index considerations, are expected in coming weeks. SpaceX did not immediately respond to requests for comment.
