Jaws drop, SpaceX defies everyone as it becomes sixth biggest public company in the world

SpaceX’s shares soared 20% in its first two days of trading, propelling the company’s valuation to $2.5 trillion and securing its place as the sixth-largest public company worldwide. The stock climbed 19.7% on Monday to $192.8, following a 19% gain on Friday, after debuting at $135 on Nasdaq. The surge exceeded expectations, with SpaceX raising $85.7 billion—$10.7 billion more than planned—by selling nearly 639 million shares, including 83 million extra via a greenshoe option. The IPO’s success hinges on SpaceX’s ambitious goals, including Mars colonization and space-based data centers, though critics warn of speculative risks. Protesters gathered outside Nasdaq over the valuation, while Elon Musk faced demonstrations in Belfast amid accusations of stoking racial tensions. Gina Rinehart’s Hancock Prospecting became a major investor, purchasing a $1.4 billion stake in SpaceX during its public offering. The mining firm called SpaceX a ‘rare business’ with long-term potential, led by Musk’s vision. The rally followed broader market gains after a reported Middle East peace deal lowered oil prices, boosting US indices. The Dow rose 0.9%, the S&P 500 gained 1.7%, and the Nasdaq jumped 3.1%, though Australia’s ASX 200 opened lower. SpaceX’s rapid ascent reflects its expansion from rocket launches to satellite operations and AI ventures, including xAI and the X platform. Analysts note IPO valuations often decline post-launch, but SpaceX’s record-breaking debut underscores its dominance in tech and space sectors.