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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The explosion at King Khalid International Airport in Riyadh on Saturday afternoon killed at least 12 people and injured a further 309, according to Saudi Arabia’s Civil Aviation Authority. The airport remains closed until further notice.
Yemen's Houthis renewed warning to airlines, airport workers, and travellers against using Saudi airports, saying the warning should be taken seriously and that the kingdom “bore responsibility for failed interceptions”, a day after an attack on Riyadh's international airport that killed 12 people.
Russian President Vladimir Putin expressed surprise after Donald Trump mediated the Armenia-Azerbaijan peace agreement in 2025, the U.S. President said at a rally in New York state on Friday.
The United Nations has condemned a sharp rise in attacks on civilians in Ukraine, reporting that more than 100 people were killed and at least 429 injured in a single week as Russian strikes hit residential areas, passenger buses and critical infrastructure.
The U.S. has imposed sanctions on the International Criminal Court (ICC) on Friday (9 October) escalating tensions with European allies and potentially targeting companies that provide services to the tribunal. The move came hours after former ICC judge Navi Pillay won the Nobel Peace Prize.
Ukraine is ready to stop attacks on Russian oil refineries if Moscow also halts strikes on Ukrainian energy infrastructure, President Volodymyr Zelenskyy said on Sunday.
Air France has reportedly informed its pilots and cabin crew of new Israeli restrictions preventing employees holding certain nationalities, including dual nationals, from operating flights to Israel, according to an investigation published by French outlet Mediapart on Saturday.
Nepali authorities urged villagers on Sunday (11 October) to move to safer places after a flood in a river in the central part of the country swept away several houses and infrastructure, but there were no reports of any casualties.
France’s internal police watchdog (IGPN) is investigating 24 cases linked to student protests across the country, including an incident in which a 14-year-old boy suffered a broken jaw and shattered teeth after allegedly being struck by a police projectile.
Pope Leo XIV renewed his condemnation of the death penalty on Saturday (10 October), saying it violated the sanctity of human life and denied people the chance of redemption, days after the Pentagon announced plans to livestream a U.S. military execution.
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