Thomson Reuters

· Posted: Jun 12, 2026 1:36 PM EDT | Last Updated: 3 hours ago

SpaceX soared in its Nasdaq debut on Friday, sending its value past $2 trillion US, as investors jumped at the chance to get a piece of Elon Musk's sprawling empire spanning rockets, internet service and AI after a record-setting IPO.

Trade kicked off late Friday morning, swinging for most of the session between gains of 15 per cent and 30 per cent above Thursday's pricing with little in the way of volatility. Shares ended the day at about $161 a share, up 19 per cent, making SpaceX the sixth-largest U.S. company, though the final settlement price had yet to be determined.

The trading, which surpassed 500 million shares, or about $80 billion US in volume, capped off a lead-up fraught with anxiety over the exchange's ability to handle the launch, particularly after a recent swoon in technology shares that raised ​concerns about the massive gains in AI-linked names. 

With mega-listings from AI heavyweights Anthropic and OpenAI waiting in the wings, market ​watchers worried that a flood of new IPOs could hurt market performance following a long period with a relative dearth of offerings. But investors across the spectrum, from large institutions to retail fans of Musk, ended the day euphoric.

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"SpaceX is not only a record breaker in terms of money raised at a stock market debut, but ​it has also left other big names for dust. When the starting valuation is already pushing $2 trillion, adding that much value at the click of a ⁠finger is impressive," said Dan Coatsworth, head of markets ⁠at AJ Bell.

WATCH | A closer look at SpaceX's IPO:

The landmark listing cemented Musk's status as the first trillionaire ever — despite coming under pressure during Musk's active role in U.S. President Donald Trump's administration.

SpaceX executives, including President Gwynne Shotwell and Chief Financial Officer Bret Johnsen, celebrated at the Nasdaq market site in New York's Times Square after ringing the opening bell on Friday. Musk held a separate event for employees in Texas.

World's largest IPO

The record IPO is a culmination of Musk's long-held ambitions in space and technology, and has stood out for rewriting Wall Street's IPO playbook and drawing legions of retail investors into the market.

At $75 billion US, the deal's proceeds were more than double those of Saudi Aramco's record-setting 2019 IPO.

The valuation could rise further should underwriters exercise their right to sell additional shares, ⁠a decision typically made within 30 days after the offering.

Although SpaceX may have to wait for entry into the S&P 500, its expected fast-track inclusion in the Nasdaq 100 will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.

It will take 15 trading days before it could be added to that index under Nasdaq's new fast-entry rules, as opposed to a typical wait of as much as a year.

Some analysts expect SpaceX's debut to trigger a reshuffling of investor portfolios, creating selling pressure on other technology heavyweights as funds rotate into the stock. On Friday, shares of ⁠other space firms and satellite companies declined sharply, with Planet Labs down 8 per cent and EchoStar down 14 per cent.

What is SpaceX actually worth?

For ​all the excitement surrounding the IPO, determining what SpaceX is actually worth remains a difficult valuation exercise.

SpaceX said its market opportunity spans $28.5 trillion US, a figure it called the largest in human history. With its leading position in space — the firm says its ⁠operation is responsible for more than four-fifths of the mass launched into orbit over the past three years — and revenues from Starlink, some investors said it has a strong foundation ⁠upon which to build.

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John Belton, portfolio manager at Gabelli Funds, said the best comparable to SpaceX is Musk's electric vehicle company Tesla, as each has an established business and "a ⁠moonshot opportunity on ⁠the other side."

"For Tesla, that's things like humanoid robotics and other future ​applications. For SpaceX, it's the AI business," he said.

WATCH | Humanoid robots taking over at 2026 Consumer Electronics Show:

The hurdles at its enormous valuation include efforts by rivals such as Jeff Bezos's Blue Origin to accelerate the commercialization of space and ​pursue government contracts in a bid to unlock new ⁠markets beyond Earth.

With revenue of $18.7 billion US in 2025, the company's market cap puts its price-to-revenue ratio at roughly 110, far above other mega-cap stocks. Some analysts have already issued positive ratings on the company. Morningstar analysts earlier this month said it is more fairly valued at around $780 billion US.

"This is not a name you're buying based on fundamentals. For me, the analogy is Amazon. This was a company that changed the way we live," said Nancy Tengler, CEO and CIO of Laffer Tengler Investments. "If the stock drops to $100, that's not ideal, but it wouldn't change our long-term view. We want to participate."