SpaceX Surges Past $2 Trillion In Nasdaq Debut, Closes In On Amazon

SpaceX’s Nasdaq debut on Friday saw its shares jump 19%, lifting the company’s valuation past $2 trillion and making it the sixth-largest U.S. firm by market cap. The $75 billion IPO, the largest in history, closed at $160.95 per share, pushing SpaceX ahead of Broadcom and just behind Amazon’s $2.6 trillion valuation. Over 510 million shares worth $84 billion traded hands, despite SpaceX’s unprofitability and far lower revenue than similarly valued tech giants. The IPO exceeded expectations, avoiding the technical issues that plagued Facebook’s 2012 debut. Trading began late Friday morning without disruptions, reflecting strong investor demand. Analysts warned of potential volatility due to SpaceX’s high valuation and small float, with a price-to-revenue ratio of roughly 112—far above peers. Retail investors received about 20% of the allocation, a higher share than typical IPOs, with some celebrating even single-share allocations. SpaceX executives, including President Gwynne Shotwell and CFO Bret Johnsen, celebrated at Nasdaq’s Times Square site, while Elon Musk held a separate event for employees in Texas. The IPO underscores Musk’s long-term ambitions in space and AI, rewriting Wall Street’s playbook and drawing retail investors into the market. Sequoia Capital’s $2 billion investment in SpaceX is now worth over $20 billion at the IPO price. An estimated 4,000 current or former employees are set to become millionaires based on their SpaceX shares, according to Hill.com. Underwriters may sell additional shares within 30 days, potentially increasing SpaceX’s valuation further. Tom Mueller, a founding SpaceX employee and now CEO of Impulse Space, called the company’s growth ‘almost surreal,’ reflecting its journey from sketches on paper to a trillion-dollar enterprise.