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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U.S. negotiators Steve Witkoff and Jared Kushner will visit Russia then Ukraine over the weekend, Russian state news agency TASS has reported, citing an unnamed source. Ukrainian President Volodymyr Zelenskyy has also said American envoys will visit the capitals of both countries.
The Iranian Health Ministry said at least 18 people were killed and 142 others injured in U.S. airstrikes carried out between 30 August and 2 September.
U.S. negotiators Steve Witkoff and Jared Kushner have arrived in Moscow for peace talks on the Russia-Ukraine conflict, two people familiar with the matter said. They were met by Russian Presidential Envoy Kirill Dmitriev.
U.S. efforts to squeeze Iran’s economy through an oil blockade and sanctions are becoming increasingly difficult for Tehran to withstand, according to three senior Iranian sources. Washington is escalating pressure in hopes of securing concessions in future negotiations.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 4th of September, covering the latest developments.
A Chinese national was pulled alive from a tunnel in Nepal on Saturday, authorities said, 10 days after a wall of ice, rock and mud tore through a Himalayan valley, killing more than 1,300 people and leaving more than 5,600 missing.
U.S. negotiators Steve Witkoff and Jared Kushner have arrived in Moscow for peace talks on the Russia-Ukraine conflict, two people familiar with the matter said. They were met by Russian Presidential Envoy Kirill Dmitriev.
Spanish authorities are preparing a new site in Ceuta to accommodate hundreds of migrants who remain on the streets following large-scale arrivals in July, local media reported Saturday.
At least two people were killed and dozens injured on Friday after an explosion at a military barracks in the Bolivian municipality of Viacha, about 30 km (20 miles) from La Paz, Defence Minister Ernesto Justiniano said.
The resolution, sponsored by African countries and led by Togo, passed by 164 votes to one, with six abstentions. The United States was the only country to vote against it.
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