SpaceX surges in Nasdaq debut after record IPO

SpaceX rose more than 20% in its Nasdaq debut on Friday, lifting the company’s valuation to above $2 trillion US. The listing also pushed Elon Musk’s estimated net worth to about $1.1 trillion US, according to Forbes. The shares opened at $150 US, above the IPO price of $135 US, and climbed to $166.90 US later in the day. The debut is being watched closely by investors because it could influence sentiment around future large public offerings, including planned listings from AI companies. SpaceX’s expected inclusion in the Nasdaq 100 could increase demand from passive funds and ETFs that track the index. Even so, questions remain about the company’s valuation, especially after it reported a loss of nearly $5 billion US last year and generated revenue well below that of other megacap tech firms.