SpaceX’s long-awaited Nasdaq debut on Friday will test whether unprecedented investor enthusiasm can translate into a blockbuster first day of trading for the world’s largest-ever IPO.
After raising a record $75 billion at $135 a share, the Elon Musk-led company enters the public markets with a staggering $1.77 trillion valuation, overtaking Saudi Aramco’s 2019 listing to become the biggest IPO in history and one of the most valuable companies in the United States, news agency Reuters reported.
The listing is being closely watched not only as a verdict on investor appetite for Musk’s sprawling business empire, but also as a potential dress rehearsal for mega-listings expected from AI giants such as OpenAI and Anthropic.
Test of ‘Musk premium’
Days of hype around the offering now give way to what market participants describe as one of Wall Street’s biggest operational tests in years. Exchanges, market makers and underwriters are bracing for extraordinary order volumes as they attempt to avoid the technical glitches that marred Meta’s 2012 debut.
Although Nasdaq opened at 9:30 a.m. ET (1330 GMT), SpaceX shares were expected to begin trading only later in the day as underwriters worked to balance buy and sell orders.
“We would expect SpaceX to see an immediate pop in trading due to the hype around the deal, north of 20% perhaps,” said Samuel Kerr, global head of equity capital markets at Mergermarket. “Anything lower would actually make me nervous.”
SpaceX President Gwynne Shotwell and Chief Financial Officer Bret Johnsen rang the Nasdaq opening bell.
Story continues below this ad
The stock’s performance is also expected to gauge the strength of the so-called “Musk premium” — investors’ willingness to back Musk’s ambitious bets despite lofty valuations and uneven profitability.
Shortly before the opening bell, Musk reflected on the company’s unlikely rise. “I gave SpaceX a 10% chance of succeeding at all,” he said in Texas.
Why this matters
SpaceX’s debut is about far more than one company’s market listing.
A strong opening could reignite confidence in the US IPO market after years of subdued activity and pave the way for a new generation of blockbuster listings, particularly in artificial intelligence and frontier technologies. Investors are already viewing the debut as a signal for how future offerings from companies such as OpenAI and Anthropic could be received.
Story continues below this ad
At the same time, a weak performance could raise questions about whether even Musk’s star power can justify valuations untethered from traditional financial metrics.
World’s largest IPO
At $75 billion, the IPO’s proceeds are more than double those raised by Saudi Aramco in 2019. The listing instantly places SpaceX among America’s largest listed companies and cements Musk’s status as the world’s first trillionaire.
The valuation has also sparked debate.
Despite generating $18.7 billion in revenue in 2025, SpaceX posted a loss of nearly $5 billion last year. Its market capitalisation implies a price-to-revenue ratio of roughly 94, far above most established technology giants.
Morningstar analysts have suggested the company is more fairly valued at around $780 billion, highlighting the gulf between bullish expectations and more conservative estimates.
Story continues below this ad
“This is not a name you’re buying based on fundamentals. For me, the analogy is Amazon. This was a company that changed the way we live,” said Nancy Tengler, CEO and CIO of Laffer Tengler Investments.
“If the stock drops to $100, that’s not ideal, but it wouldn’t change our long-term view. We want to participate.”
$28.5 trillion opportunity, or an expensive bet?
SpaceX says its addressable market spans $28.5 trillion, which it describes as the largest market opportunity in human history.
The company points to its dominance in launches, Starlink’s growing revenues and future ambitions in artificial intelligence and space exploration as reasons for optimism.
Story continues below this ad
“We have to go back 100 years to get comparable entrepreneurs,” said Joel Shulman, CEO of ERShares. “He’s a visionary unlike others, and he executes extremely well.”
Others remain cautious. Analysts warn that rivals such as Jeff Bezos’ Blue Origin are accelerating efforts to commercialise space and compete for lucrative government contracts. Questions also persist over whether SpaceX can grow fast enough to justify its enormous valuation.
Still, for investors and Wall Street alike, Friday’s debut represents a pivotal moment.
Whether SpaceX soars or stumbles, the market’s verdict will shape expectations for the next wave of transformative — and highly priced — technology companies waiting in the wings.
(With inputs from Reuters)
