NEW YORK — SpaceX shares surged as much as 19% in their historic Nasdaq debut on Friday, pushing the rocket and satellite company's market value past $2 trillion following the largest initial public offering in history.
The company, led by Elon Musk, priced its shares at $135 in the record $75 billion IPO and began trading under the ticker SPCX. Shares opened at $150 and climbed during the session, closing at $160.95, according to market data.
SpaceX raised about $75 billion in the offering, which valued the company at approximately $1.77 trillion at the IPO price. The debut made it one of the most valuable U.S. public companies on its first day of trading.
Gwynne Shotwell, SpaceX president and chief operating officer, rang the opening bell at the Nasdaq MarketSite in New York. Crowds gathered to mark the occasion as the company transitioned from a private entity to a publicly traded one.
The IPO followed years of rapid growth for SpaceX, driven by its Starlink satellite internet service and reusable rocket technology. The company reported revenue of about $18.7 billion last year, supported by government contracts and commercial launches, though it posted an operating loss, filings showed.
"This is a monumental day for SpaceX and the entire space industry," Musk said in a statement following the debut, according to company announcements. He added that the public listing would help accelerate the company's mission to expand humanity's presence in space.
The strong debut turned Musk into the world's first trillionaire, as his stake in SpaceX combined with his holdings in Tesla significantly boosted his net worth, financial reports indicated.
Analysts noted strong investor demand, with bids exceeding $250 billion. The offering was led by Goldman Sachs and other major banks. Some market observers, however, questioned the high valuation relative to current financials, while others highlighted long-term potential in satellite communications and space exploration.
As of Friday's close, SpaceX ranked among the top U.S. companies by market capitalization, surpassing several major technology firms. Trading remained volatile throughout the day, with shares fluctuating after the opening.
Further details on post-IPO share lockups and future capital-raising plans were not immediately available. The company has indicated it will use proceeds to fund expansion, including Starlink growth and development of next-generation vehicles.
