SpaceX Hits $2 Trillion Market Cap in Nasdaq Debut

Shares of SpaceX began trading on Nasdaq under the ticker SPCX on Friday. They opened near $150, above the $135 IPO price set the day before, climbed to an intraday high around $176 and closed near $161, up roughly 19% on volume above 480 million shares. At its peak during the session the company’s market value briefly exceeded $2.3 trillion; the closing market capitalization passed $2 trillion.

The offering raised about $75 billion, the largest IPO on record, with roughly 20% of shares allocated to retail investors. The company used a fixed-price mechanism instead of the traditional book-building process. Elon Musk participated remotely in Nasdaq’s opening ceremony while Gwynne Shotwell marked the listing at Nasdaq’s Times Square site.

SpaceX is expected to be added to the Nasdaq-100 under accelerated rules, which will prompt automatic buying by index funds and ETFs. Several publicly traded space and satellite companies fell as investors redirected capital toward SpaceX shares.

Company executives have highlighted revenue opportunities from commercial launches, the Starlink broadband constellation and potential in-orbit services. SpaceX reported about $18.7 billion in revenue for 2025 and a nearly $5 billion net loss, driven by heavy research and development spending on the Starship program and related AI work following a merger with xAI earlier this year. Starlink has grown to millions of subscribers and is expected to provide recurring, higher-margin revenue as it expands.

The closing market capitalization implied a price-to-sales multiple above 100 times trailing revenue. Some analysts flagged that valuation as high relative to current fundamentals; other investors compared the pricing to early-stage valuations seen at other tech companies that prioritized long-term options over near-term profits.

SpaceX controls a significant share of recent global orbital mass launched, powered by reusable Falcon rockets and development of Starship. The listing increased the public visibility of Elon Musk’s holdings; combined stakes in SpaceX, Tesla and xAI pushed his net worth above $1 trillion following the debut.