SpaceX completed its initial public offering with a valuation exceeding $2 trillion, becoming the world's seventh most valuable company. The debut propelled Elon Musk to trillionaire status amid strong retail demand.
SpaceX priced its shares to achieve an initial valuation of $1.77 trillion before the stock surged on its first trading day. The company reached a market capitalization above $2 trillion, ranking it seventh globally among corporations.
Retail investors showed significant enthusiasm, with 30 percent of shares allocated to individual buyers. This contributed to a 19 percent price increase as brokerages reported record participation.
Uday Kotak described the listing as a test for capitalism, questioning whether investors are supporting future innovation or inflating a potential mega bubble. The firm remains unprofitable and growth-focused despite the valuation jump.
Global equity markets rose on Friday, driven in part by the SpaceX performance, while oil prices declined over 3 percent on hopes for an Iran peace deal.
