SpaceX experienced significant gains during its market debut at Nasdaq, starting with a record-breaking initial public offering (IPO) on Friday. On its first full day of trading, Monday, the company’s share price continued to rise.
Elon Musk’s company, engaged in rocket and artificial intelligence technologies, saw its shares increase by roughly 6 percent in early trading. On Friday, the day of its debut, SpaceX’s shares surged by nearly 20 percent.
This rise in stock value elevated Elon Musk, aged 54, to become the world’s first trillionaire. It also relieved concerns on Wall Street about investor response to SpaceX’s high valuation.
The IPO of SpaceX raised $75 billion, valuing the company at $1.77 trillion, marking it as the largest in history. The offering is perceived as a significant benchmark for other tech giants like Anthropic and OpenAI, both aiming for public listings this year with valuations close to $1 trillion.
Following its latest stock price increase, SpaceX’s market value surpassed $2.2 trillion. Anthropic and OpenAI are anticipated to go public with valuations nearing $1 trillion, focusing on foundational AI models and chatbot technologies.
SpaceX’s monumental IPO eclipsed the previous record set by Saudi Aramco, which raised over $29 billion in its 2019 IPO. Under Musk’s leadership, SpaceX revolutionized the space sector with reusable rockets and its satellite internet venture, Starlink.
In recent developments, SpaceX acquired xAI, Musk’s AI company that owned the social media platform X. This move integrated Musk’s business ventures and provided financial support to xAI, which had invested heavily to compete with industry peers.
SpaceX, established in 2002, had often operated under financial secrecy. It functioned alternately as an investment vehicle for Musk. However, last month, the company disclosed its comprehensive financials for the first time, leading up to its market debut. It reported a $4.9 billion loss last year, contrasting with a $791 million profit in 2024, largely due to increased expenditures on AI. The company’s revenue surged to $18.7 billion last year, up 33 percent from the previous year.
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