SpaceX soars 19% on Nasdaq debut, market cap tops $2T

SpaceX (SPCX.O) surged 19% on its first day of trading on the Nasdaq on June 12, with its market capitalization surpassing $2 trillion to become the sixth-largest company in the U.S. After trading began late in the morning, the stock remained relatively stable, fluctuating between 15% and 30% above its June 11 IPO price for most of the session and closing at approximately $161, though the final settlement price has not yet been confirmed. Trading volume for the day exceeded 500 million shares, with a total value of around $80 billion. The successful debut came amid concerns that a wave of new listings, including anticipated large-scale IPOs from Anthropic and OpenAI, could strain the market after a prolonged drought. However, a diverse range of investors, from major institutions to Elon Musk's personal fanbase, showed positive sentiment at the market close. Dan Coatsworth, head of market at British investment platform AJ Bell, noted that SpaceX not only broke records for its IPO size but also significantly outpaced other large companies. He described it as impressive that the company added so much to its market cap so quickly, given its valuation was already near $2 trillion at the start.