SpaceX’s shares continued to climb on Monday, the company’s first full day of trading, following a sharp rise on Friday when the rocket maker made its market debut.
The company’s stock rose more than 15 percent in afternoon trading, after a frenzied burst of nearly 20 percent on its debut day.
On Monday, SpaceX disclosed that it ultimately raised $85.7 billion in its initial public offering, after bankers exercised an option to buy additional shares at the IPO price. That figure far exceeded the $74.4 billion it had initially raised last week, which had already set the record for the largest IPO ever.
The public market debut made Elon Musk, 54, the world’s first trillionaire and removed lingering concerns on Wall Street about whether investors would accept SpaceX’s lofty valuation. The IPO is now seen as a bellwether for other giant technology companies, such as Anthropic and OpenAI, that are aiming to go public this year.
Following its latest gains, SpaceX’s market value topped $2.4 trillion. Anthropic and OpenAI, each developing foundational AI models and chatbots, are expected to go public with valuations approaching $1 trillion.
SpaceX’s IPO shattered the previous record set by Saudi Aramco, which raised more than $29 billion when it went public in 2019.
Musk’s company has revolutionized spaceflight with partly reusable rockets and the satellite‑internet service Starlink. In February, SpaceX acquired Musk’s AI company xAI, which also owns the social‑media platform X, consolidating his business empire and providing a financial lifeline to xAI, which has invested billions to compete with rivals.
SpaceX, which has contracts with NASA and other federal agencies, had long been a financial mystery and, at times, a financial backstop for Musk since its founding in 2002.
Last month, the company released a full set of financial statements in preparation for the market debut. It reported a loss of more than $4.9 billion last year, compared to a $791 million profit in 2024, largely due to increased expenditures on AI. Revenue was $18.7 billion last year, up 33 percent from the previous year.
The Monday surge in SpaceX’s share price should also be seen in the context of global markets rallying in response to early talks of ending the conflict in Iran, said Matt Kennedy, a senior strategist at Renaissance Capital.
Kennedy expects SpaceX to remain a volatile stock this year, noting it could trade below its IPO price at times, but indicated the stock is “priced to near perfection.”
Joe Rennison contributed reporting.
