SpaceX settles 19 pc higher on debut day with market cap at record $2.2 trillion

NEW DELHI — Elon Musk-run SpaceX’s initial public offering delivered a blockbuster debut in the US, handing early buyers a 31 per cent gain, before settling up 19 per cent above the offering price of $135.

The shares ended the day at $160.95, giving SpaceX a market capitalisation of about $2.2 trillion after its first day of trading, turning the rocket maker's founder Elon Musk the world's first trillionaire.

On the stock market debut day, SpaceX became the sixth-highest valued public company in the world.

SpaceX's debut became an avenue of growth for an entire stock market that has been relying this year on optimism about the growth potential for artificial intelligence.

The offering raised roughly $75 billion, one of the largest IPOs in history.

The listing drew intense demand from institutions and retail investors, with people familiar with the matter saying orders topped $350 billion, and still one-third of them not receiving any stock. Retail interest alone accounted for over $100 billion of demand, a report said.

SpaceX’s acquisition of Musk’s xAI earlier in 2026 and the company’s push into artificial intelligence helped portray the IPO as a test of market enthusiasm for AI‑driven business models, analysts said.

However, some analysts warned that stock’s high valuation may outpace fundamentals as SpaceX reported a $4.28 billion net loss in the first quarter of 2026.

For US IPOs raising at least $1 billion, the biggest day-one gain belongs to design software maker Figma, which rose 250 per cent in its 2025 debut, according to data. But it gave up the gains and is now trading about 45 per cent below its IPO price.

Meanwhile, after Musk reached the trillionaire status, Democratic lawmakers such as Massachusetts Senator Elizabeth Warren and California Representative Ro Khanna demanded a wealth tax on the richest Americans.