SpaceX made its record-breaking stock market debut today, opening trading at $150, getting a boost after pricing its shares at $135.
Appetite for its shares vastly outweighed supply. The IPO valued the company at above $1.75 trillion and stands to make CEO Elon Musk the world’s first trillionaire.
SpaceX received orders for more than three times the amount of shares on offer, derivatives markets priced in a 35% jump, and prediction markets had placed a 70% probability on the firm’s market capitalization topping $2 trillion by close.
Its debut looks to be a good sign for upcoming IPOs of the AI giants Anthropic and OpenAI. While SpaceX has never made a profit, mainly due to enormous investment, its revenues have grown rapidly.