SpaceX (SPCX.O) shares surged 19% in their Nasdaq debut on June 12, pushing the company's value past $2 trillion. This makes SpaceX the sixth-largest U.S. company by value and turns Elon Musk into the world's first trillionaire. The $75 billion IPO broke Saudi Aramco's 2019 record, with shares opening at $150 and closing at $160.95.
The IPO attracted significant investor interest, with more than 510 million shares worth about $84 billion changing hands. Retail investors received about 20% of the allocation, a higher percentage than typical IPOs. Despite being currently unprofitable, SpaceX's valuation far exceeds its $18.7 billion in revenue, giving it a price-to-revenue ratio of roughly 112.
SpaceX's rapid ascent has drawn comparisons to Amazon, with some analysts cautioning about potential volatility due to its high valuation and small relative float. The company is expected to be fast-tracked into the Nasdaq 100, which could create additional demand for its shares.
