Just one day after its record-breaking initial public offering, SpaceX shares jumped by about 23% in their first trading session on Wall Street, lifting the company's valuation past the $2 trillion mark. The surge made company founder Elon Musk the first person in history to see his personal fortune cross the $1 trillion threshold.
On Thursday, SpaceX completed the largest IPO ever recorded, raising $75 billion through the sale of 555.6 million shares at $135 per share. The offering valued the company at $1.77 trillion and shattered by a wide margin the previous record set by Saudi oil giant Aramco in 2019.
As trading opened, the stock soared by tens of percentage points, pushing SpaceX's market value above $2 trillion. Following the increase, Musk's wealth, based on his significant stake in the company alongside his holdings in Tesla and other ventures, crossed the $1 trillion mark for the first time, an unprecedented milestone in the business world.
Despite the market excitement, analysts warned that unusually high volatility in the stock was expected to continue in the coming days, a common phenomenon after major IPOs, especially among companies with unprecedented market valuations.
