SpaceX opens at $162 in blockbuster Nasdaq debut

SpaceX shares opened at $150 on Friday before rising to $162, marking a strong start to one of the most closely watched stock market debuts in recent years.

The aerospace and satellite internet company priced its initial public offering at $135 per share on Thursday. SpaceX sold 555.6 million shares, raising $75 billion in what stands as the largest IPO ever.

Bitcoin BTC$63,735.74 was roughly flat at $63,400, while AI-related crypto stocks saw modest gains.

Trading under the ticker SPCX on Nasdaq, the company had been valued at roughly $1.8 trillion based on the IPO price.

The debut gives public investors their first chance to own shares in a company that has reshaped the commercial space industry through reusable rockets and built one of the world’s largest satellite networks through Starlink. The satellite internet business has become a major source of growth, serving customers in remote areas where traditional broadband can be difficult to access.

SpaceX generated about $19 billion in revenue last year from launch services, government contracts and Starlink operations.