SpaceX made a historic entrance into the Nasdaq on Friday, surging over 20% in its first day of trading and lifting its valuation to more than $2 trillion. Investors flocked to the world’s largest IPO, betting on Elon Musk’s sprawling empire spanning rockets, AI and beyond.
The stock opened at $150 per share, above its IPO price of $135, and was soon trading at $164, making SpaceX the sixth-largest U.S. company by market value. The debut was closely watched as a bellwether for the IPO market, with some bankers cautioning that a share price below the IPO level could have spooked investors in upcoming listings.
Market participants are viewing SpaceX’s IPO as a rehearsal for a new generation of mega-listings, including AI giants Anthropic and OpenAI. Analysts are eager to see whether the so-called “Musk premium” which has propelled Tesla to a $1 trillion-plus valuation remains intact despite past controversies.
“I gave SpaceX a 10% chance of succeeding at all,” Musk admitted in Texas shortly before the opening bell. SpaceX President Gwynne Shotwell and CFO Bret Johnsen rang the Nasdaq opening bell at 9:30 a.m. ET.
The record-breaking $75 billion deal more than doubles the proceeds of Saudi Aramco’s IPO in 2019. While SpaceX may have to wait for inclusion in the S&P 500, it is expected to join the Nasdaq 100 quickly under new fast-track rules, creating additional demand from ETFs and passive funds.
Joel Shulman, CEO of ERShares, said, “We have to go back 100 years to get comparable entrepreneurs. He’s a visionary unlike others, and he executes extremely well.”
Despite the excitement, SpaceX’s true value remains difficult to gauge. The company claims a $28.5 trillion market opportunity, the largest in human history. With its dominant position in space launches and revenues from Starlink, some investors see a strong foundation for growth.
John Belton of Gabelli Funds compares SpaceX to Tesla, noting both have established businesses with “moonshot opportunities.” For SpaceX, the upside includes its AI initiatives and ongoing space commercialisation.
Rivals like Jeff Bezos’ Blue Origin are racing to expand space commercialisation and secure government contracts. With $18.7 billion in revenue in 2025, SpaceX’s market cap implies a price-to-revenue ratio of 94, far higher than most tech companies. Morningstar analysts suggest a fair valuation closer to $780 billion.
Nancy Tengler, CEO of Laffer Tengler Investments, said, “This is not a name you’re buying based on fundamentals. The analogy is Amazon, a company that changed the way we live. Even if the stock drops, it wouldn’t change our long-term view.”
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Shipping traffic through the Strait of Hormuz remained low on Thursday, as Iran reiterated that it will neither enter into new negotiations with the United States nor re-open the Strait as long as its conditions are not met, despite recent indirect talks in New York mediated by Qatar.
As the Ukraine war is highlighted by some leaders during the United Nations' 81st General Assembly meeting in New York, Russian forces attacked the Ukrainian capital Kyiv early on Thursday with ballistic missiles, killing two people and injuring six, Mayor Vitali Klitschko said.
The 81st UN General Assembly continues in New York on Wednesday, with another day of high-level speeches and diplomatic meetings. The wars in the Middle East and Ukraine, global security and international cooperation remain at the centre of discussions.
The 81st UN General Assembly has wrapped up its third day in New York on Thursday, with world leaders delivering high-level speeches and holding diplomatic meetings.
Saudi Arabia, Türkiye and Pakistan will hold an urgent high-level meeting under a joint defence pact to discuss ways to support the kingdom amid attacks by Yemen's Iran-aligned Houthis. The meeting comes as Tehran seeks to distance itself from the rapid advance of its Houthi allies.
World leaders return to the United Nations headquarters in New York on Friday for the fourth day of the high-level General Debate, with speeches and diplomatic meetings continuing throughout the day.
Pope Leo XIV arrived in France on Friday for a four-day visit focused on artificial intelligence, the future of Europe, peace and the Catholic Church's response to its abuse crisis.
Ukrainian soldier’s daughter asks when he is coming home as war keeps families apart.
Finland and Sweden deployed fighter aircraft on Thursday after a group of Russian military planes was detected over the Gulf of Finland, the Finnish Air Force reported on Friday (25 September).
The Middle East arrived at the United Nations this week with the consequences of a war that is no longer contained to one front. From Israel and Iran to Syria and Yemen, leaders have used the General Assembly to set out competing positions on the situation in the region.
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