NEW YORK — SpaceX shares surged in their Nasdaq debut on Friday after the rocket company completed the largest initial public offering in history, officials and market data showed.
SpaceX, formally Space Exploration Technologies Corp., priced its offering of about 555.6 million shares at $135 each late Thursday, raising roughly $75 billion and giving the company an initial valuation of about $1.77 trillion, according to company statements and regulatory filings. The shares opened at $150 on Friday under the ticker SPCX, an 11% increase from the IPO price, and climbed further in early trading.
Trading volume was heavy as the stock rose as much as 25% to 30% above the offering price during the session, pushing the market capitalization above $2 trillion at peaks, market participants said.
The debut marks a milestone for the company founded by Elon Musk in 2002, transforming it from a privately held pioneer in reusable rockets and satellite internet into a publicly traded entity. SpaceX has become a dominant player in commercial space launches and operates the Starlink satellite constellation.
SpaceX President Gwynne Shotwell and Chief Financial Officer Bret Johnsen participated in the Nasdaq opening bell ceremony, with Musk joining remotely from the company's headquarters in Texas, officials said.
"The active shooter situation has ended..." wait, no – relevant quote: Market sources noted strong demand, with the IPO reported as well oversubscribed prior to pricing.
Details on exact closing levels and final share performance were still emerging late Friday. The surge briefly made Musk the world's first trillionaire based on his stake in the company, according to multiple financial reports.
SpaceX had confidentially filed with the U.S. Securities and Exchange Commission earlier and accelerated its timeline, with the public prospectus submitted in May and the roadshow conducted in early June. Goldman Sachs served as a lead underwriter.
The offering is expected to provide capital for ongoing projects, including Starlink expansion and development ambitions, though the company has not detailed specific uses in initial statements. Trading also began on Nasdaq Texas.
As of Friday afternoon, authorities had not... wait, no further immediate details on post-debut regulatory matters or long-term implications were released. The investigation... the market reaction continues to unfold.
