NEW YORK — SpaceX shares surged more than 19% in their first day of trading on the Nasdaq on Friday, pushing the rocket and satellite company's market value past $2 trillion in the largest initial public offering in history, market data showed.
The Elon Musk-led company, listed under the ticker SPCX, opened at $150 per share after pricing its IPO at $135 the previous evening, according to exchange and company filings. Shares closed at $160.95, lifting the market capitalization to about $2.1 trillion.
SpaceX raised $75 billion in the offering, selling approximately 556 million shares, making it the biggest IPO on record, securities filings and underwriters confirmed. The debut marks the first time the privately held aerospace firm, founded in 2002, has been available to public investors.
Musk, who retains significant control through special voting shares, became the world's first trillionaire as a result of the valuation jump when combining his SpaceX stake with holdings in Tesla and other assets, Forbes and Bloomberg reported.
The company operates a fleet of reusable rockets, the Starlink satellite internet constellation, and has expanded into artificial intelligence initiatives. It has secured multiple NASA contracts and launched thousands of satellites to provide global broadband.
Trading volume exceeded 500 million shares on the debut day, with the stock reaching an intraday high of about $176.52, Nasdaq data showed. Executives, including Musk, participated in ceremonial events at the Nasdaq MarketSite in New York.
SpaceX reported losses in recent years despite rapid revenue growth from Starlink subscriptions and launch services, according to its S-1 filing with the U.S. Securities and Exchange Commission. Details of ongoing profitability remain subject to future quarterly reports.
"Today marks a new chapter for SpaceX as we continue pushing the boundaries of space exploration and technology," Musk said in a statement following the close of trading.
The IPO followed months of preparation and high investor demand, with the company benefiting from a rule change allowing earlier inclusion in certain Nasdaq indexes. SpaceX will rank among the largest U.S.-listed companies by market value.
As of Sunday, shares were trading in extended sessions with modest additional gains, market participants said. Further details on post-IPO lock-up periods and insider sales are expected in coming weeks.
