The rally follows an IPO priced at $135, which saw demand outstrip supply by a factor of four. With only 4% of total shares available in the initial public float, institutional investors scrambled for positions on the open market. This volatility was compounded by the company’s successful efforts to accelerate its inclusion in major indexes like the Nasdaq 100, forcing passive funds to begin buying the stock almost immediately.
In section Startups & Technology
SpaceX Market Debut Valuations Hit $2.3 Trillion
With shares climbing to $176 during midday trading, SpaceX vaulted into the ranks of the six most valuable U.S. companies on its first day as a public entity. The surge pushed the firm’s market capitalization to nearly $2.3 trillion, cementing a historic debut that immediately reshaped personal and institutional fortunes.
For early venture capital backers, the windfall is unprecedented. Founders Fund, holding a 3% stake, saw its position balloon to a valuation exceeding $50 billion. Sequoia and Andreessen Horowitz also realized gains of $20 billion and $10 billion, respectively. The surge propelled Elon Musk to the status of the world’s first trillionaire, while the company’s equity program is set to create 400 centimillionaires and thousands of millionaires among current and former staff. Robinhood reported record-breaking traffic on its platform as retail traders clamored for access to the historic launch.
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