SpaceX (NASDAQ:SPCX) delivered one of the most closely watched stock market debuts in recent history, with shares soaring during their first week of trading as investors rushed to gain exposure to Elon Musk’s space, connectivity and artificial intelligence business.
Since pricing its initial public offering at $135 per share on June 12, the stock has climbed nearly 40%, lifting the company’s market capitalisation above $2 trillion and briefly placing it among the world’s most valuable publicly traded firms.
Strong IPO Launch Drives Valuation Above $2 Trillion
SpaceX entered the public markets with a record-breaking offering that raised more than $75 billion.
On its first day of trading, the stock surged 19%, propelling the company’s valuation beyond the $2 trillion threshold and, at one point, making it the sixth-largest listed company in the United States by market value.
The achievement was particularly notable given that the company has yet to reach profitability.
Trading Volumes Surge Following Listing
Investor interest remained exceptionally strong throughout the week.
For several sessions after the IPO, SpaceX recorded the highest trading turnover among major U.S.-listed companies, measured by the total dollar value of shares changing hands.
At its peak, trading activity in SPCX exceeded that of Nvidia by more than 3.5 times, highlighting the extraordinary level of market participation surrounding the stock.
Retail Investors Play Major Role
A key feature of the IPO was the unusually large allocation of shares made available to retail investors.
SpaceX reserved 20% of the offering for individual investors, setting a record for retail participation in a major public listing.
According to data from Vanda Research, retail traders purchased millions of dollars’ worth of SpaceX stock during its opening week, making it one of the most actively bought shares in the market.
On the first day of trading alone, net retail purchases reached $117.6 million, representing the largest retail net buying figure ever recorded for a stock market debut.
Options Market Sees Immediate Demand
Investor enthusiasm extended beyond the stock itself.
When options trading in SpaceX began on June 16, activity quickly accelerated, with volumes reaching record levels and bullish positions dominating the market.
The strong options participation reflected investors’ desire to gain leveraged exposure to the company and its growth prospects across space exploration, satellite communications and artificial intelligence.
Comparisons Drawn with Tesla’s Early Public Market Performance
SpaceX experienced particularly strong gains during its first three trading sessions, briefly surpassing Microsoft in market value and becoming the fourth most valuable company globally.
However, momentum moderated later in the week as investors began assessing valuation levels following the initial surge.
Some market observers noted similarities to the trading pattern seen after Tesla’s 2010 market debut, when an explosive rally was followed by periods of increased volatility.
Investors Focus on Long-Term Growth Story
The company’s early public market performance underscores strong investor confidence in SpaceX’s long-term growth opportunities.
Supporters point to the strength of the Starlink satellite internet business, the potential expansion of its artificial intelligence operations and the future development of the Starship programme as key drivers of future value creation.
While the stock’s first week generated significant excitement, investors are now increasingly focused on how the company executes its strategy and delivers on the ambitious growth expectations reflected in its valuation.