NEW YORK — SpaceX shares surged in their Nasdaq debut on Friday after the rocket and satellite company completed the largest initial public offering in history, raising $75 billion and pushing its market value above $2 trillion.
The company, founded by Elon Musk, priced its shares at $135 in the offering, which closed on Thursday, according to regulatory filings and company statements. Shares opened at $150 and climbed as high as $166 in early trading, company officials and exchange data showed.
The IPO, under the ticker symbol SPCX, sold approximately 555.6 million shares and shattered previous records, surpassing Saudi Aramco’s 2019 debut, sources familiar with the matter said. The offering gave the company an initial valuation of about $1.77 trillion before trading began.
SpaceX, which operates the world’s largest satellite internet network through Starlink and has pioneered reusable rockets, has seen rapid growth in recent years. The company reported revenue of about $18.7 billion in 2025, with Starlink accounting for a significant portion, according to securities filings.
Musk, who retains substantial control of the company, addressed employees at Starbase in Texas ahead of the debut. He reflected on the company’s early challenges, stating he once gave it “less than a 10% chance of succeeding at all,” according to video footage from the event.
The offering allocated a larger-than-usual portion of shares to retail investors through platforms including Fidelity, Vanguard and Robinhood, a move that broadened access compared with typical IPOs, people familiar with the allocation said.
Analysts and market participants noted strong demand during the roadshow, which contributed to the pricing decision. Some investors highlighted the company’s diverse operations in space launches, satellite communications and artificial intelligence-related ventures as drivers of enthusiasm.
Critics of the high valuation pointed to the company’s history of losses and heavy investment needs, though trading on Friday reflected broad investor optimism. Details on exact post-IPO ownership stakes and lock-up periods remain subject to regulatory disclosures.
As of Friday afternoon, shares were trading well above the IPO price, cementing SpaceX’s position among the most valuable U.S. companies by market capitalization. The debut marks a significant milestone for the privately held space industry leader transitioning to public markets.
Further details on trading volume and long-term implications for the company’s operations were not immediately available.
