SpaceX shares surge 21% on Nasdaq debut, valuing company above $2 trillion
The rocket company’s listing on Friday marks the largest IPO in history, with shares opening at $150 before climbing further to push the enterprise valuation past the two-trillion-dollar mark.
SpaceX shares rose 21 per cent on Friday as trading commenced on the Nasdaq, valuing the rocket company at more than $2 trillion. The debut, priced at $135 per share, raised approximately $75 billion in capital, marking what is described as the largest initial public offering in history.
On the first day of trading under the ticker symbol SPCX, shares opened at $150, representing an 11 per cent increase above the fixed offering price. This initial jump valued the company at approximately $1.77 trillion before the intraday surge pushed the total valuation beyond the $2 trillion threshold.
The listing positions Elon Musk as the world’s first trillionaire on paper. Musk retains control of the company through 85 per cent voting rights, ensuring his influence over corporate strategy remains intact despite the public float.
The market debut occurred alongside broader movements in US equities, which rose on the day. Concurrently, oil prices fell as markets reacted to reports of an interim peace deal between the United States and Iran regarding the Strait of Hormuz. These developments were presented as concurrent events rather than direct causal links to the SpaceX listing.
While the valuation milestone is significant, the exact final closing valuation remains subject to market fluctuation throughout the trading day. Similarly, Musk’s status as a trillionaire is based on current share prices and may vary depending on market stability and other asset valuations.
