SpaceX IPO Surges Past $2 Trillion in Nasdaq Debut

Trading began Friday on Nasdaq under the ticker SPCX after SpaceX set an IPO price of $135 the day prior. Shares opened near $150, reached an intraday high of $176 and closed around $161. At the session peak the company’s market value briefly exceeded $2.3 trillion and finished the day near $2 trillion. Reported volume topped 480 million shares.

The public offering raised roughly $75 billion, with about one fifth of the deal allocated to retail investors. The listing used a fixed-price model instead of the traditional book-building process. The company is expected to be added to the Nasdaq-100 under accelerated rules, a change that will lead index funds and ETFs that track that index to buy the stock when the inclusion takes effect.

Elon Musk participated in the opening ceremony remotely while SpaceX President Gwynne Shotwell represented the company at Nasdaq’s Times Square site.

SpaceX manufactures and operates the Falcon family of rockets, the Starship heavy launch system and the Starlink satellite broadband constellation. Company data indicate reusable Falcon vehicles and Starship development accounted for a large share of global orbital mass launched in recent years. Starlink has grown to millions of subscribers and company executives have described the service as a source of recurring revenue.

For the year 2025, SpaceX reported about $18.7 billion in revenue and a net loss near $5 billion, driven primarily by research and development spending on Starship and artificial intelligence projects. Based on the IPO valuation, the company traded at a price-to-sales multiple above 100 times. Analysts at Morningstar and CFRA flagged concerns about the gap between the market price and current fundamentals; other investors highlighted the company’s market positions and long-term optionality.

In February 2026 SpaceX completed a merger with xAI, expanding the company’s stated focus to include AI infrastructure alongside launch services and connectivity. Company executives have described an addressable market that spans launches, global connectivity and orbital data centers.

Market reaction to the listing affected other publicly traded space and satellite companies, which pared earlier gains as investors reallocated capital. SpaceX’s immediate priorities include completing index inclusion and delivering operational and financial milestones tied to Starship performance and Starlink expansion as it transitions to public company reporting and broader access to capital.