It's SpaceX's first day on the stock market

SpaceX’s stock officially debuted on Nasdaq on Friday under the ticker SPCX, marking the largest initial public offering in history with $75 billion raised from over 555 million shares priced at $135 each. The IPO instantly valued the company at more than $1.75 trillion, positioning it among the world’s largest publicly traded firms, though it reported a $4.3 billion net loss in the first quarter of 2026. The company’s proceeds will fund expansions in its rocket and satellite businesses while accelerating its pivot toward artificial intelligence, including developing AI microchips and deploying ‘orbital AI compute infrastructure’—data centers in space. SpaceX also acquired Elon Musk’s AI startup xAI earlier this year, reinforcing its focus on the sector. Musk, who retains 85% of shareholder voting power as SpaceX’s CEO and chairman, was present at Starbase, Texas, during the opening bell ceremony in New York. Analysts from Morningstar criticized the valuation, estimating SpaceX’s worth at just $780 billion using a discounted cash flow model, and highlighted risks tied to execution, regulation, and Musk’s dual leadership of Tesla. The company’s governance structure and reliance on Musk as a ‘key person’ add to investor uncertainty, despite its ambitious growth plans. SpaceX’s IPO is the first of three major AI-related listings expected in 2026, with OpenAI and Anthropic also preparing to go public later this year. All three firms face scrutiny over their unprofitable operations and reliance on cash-burning AI development, though analysts note the sector’s rapid growth and speculative valuations. The debut trading price will indicate investor sentiment, with expectations high given SpaceX’s dominance in space technology and Musk’s influence. However, the company’s long-term profitability remains unclear, as its business model depends on scaling AI and satellite ventures amid intense competition and regulatory challenges.