SpaceX’s Market Capitalization Exceeded $2 Trillion
Credit: SpaceX
Following yesterday’s US stock market debut, SpaceX shares rose 19% to $160.95 per share, increasing the company’s market capitalization to over $2 trillion. This surpasses Tesla’s, making SpaceX the sixth-largest company by market capitalization in the US.
Investors enthusiastically embraced the opportunity to invest in Musk’s empire (rockets, satellites, AI) after a record-breaking $75 billion IPO. More than 510 million shares, worth approximately $84 billion, were sold on the first day, despite SpaceX still being unprofitable and generating only a fraction of the revenue of other tech giants with similar market capitalizations.
The launch went much more smoothly than expected, without the technical glitches that marred Facebook’s debut in 2012. Shares closed at $160.95 on Friday, June 12, valuing the company at $2.1 trillion. SpaceX overtook Broadcom and came close to Amazon ($2.6 trillion).
The successful debut allayed concerns about the Nasdaq’s ability to handle such a large offering, especially given the recent downturn in the tech sector. Following SpaceX, AI heavyweights Anthropic and OpenAI are expected to list.
