Odaily reported that SpaceX surged on Friday during its first day of trading on Nasdaq, pushing its market value above $2 trillion. The debut was smoother than many observers had expected, with the stock trading in a relatively contained range for much of the session. By the close, the company had entered the ranks of the six largest companies in the United States.
Shares traded well above the Thursday pricing level
SpaceX shares began trading in the late morning on Friday. For most of the session, the stock traded 15% to 30% above its Thursday pricing level. Although the shares remained elevated throughout the day, the report noted that volatility was not especially large. At the close, the stock was quoted at about $161, up 19%. The final settlement price has yet to be determined.
Trading activity was substantial. More than 500 million shares changed hands during the session, with total turnover of about $80 billion. Based on the first-day performance, SpaceX’s market value surpassed $2 trillion, placing it among the largest public companies in the U.S. market and making it the sixth-largest U.S. company.
Concerns over a wave of large IPOs did not dominate the session
Before the listing, market observers had worried that a large inflow of new shares could weigh on performance after a long period in which IPO supply had been relatively limited. Those concerns were tied in part to the large listing plans being prepared by Anthropic and OpenAI. However, by the close on Friday, sentiment among a broad range of investors — from major institutions to Elon Musk’s retail followers — was upbeat.
Dan Coatsworth, market head at AJ Bell, said: “SpaceX not only broke records in terms of the size of its fundraising at listing, but also left other large companies far behind. When the starting valuation was already close to $2 trillion, it is impressive to add so much market value in such a short period of time.”