SpaceX’s Stock Surges on First Full Day of Trading

SpaceX’s share price continued to surge Monday, the company’s first full day of trading, adding to its sharp move higher Friday after its record-breaking public listing.

Elon Musk’s rocket maker and artificial intelligence company rose more than 10% in early afternoon trading Monday. In a frenzied few hours of trading Friday, the day of the company’s market debut, SpaceX rose nearly 20%.

The company announced Monday that it ultimately had raised $85.7 billion in its initial public offering, after bankers exercised an option to buy more shares from the company at the IPO price. That was significantly more than the $74.4 billion the company initially raised last week, which had already set the record for the largest IPO ever.

SpaceX’s public market debut crowned Musk, 54, as the world’s first trillionaire and quelled jitters on Wall Street about whether investors would accept the company’s lofty valuation. The IPO has come to be seen as a bellwether for other giant technology companies, namely Anthropic and OpenAI, seeking to go public this year.

After its latest gains, SpaceX was worth more than $2.3 trillion in market value. Anthropic and OpenAI, which have developed foundational AI models and chatbots, are each expected to go public with valuations approaching $1 trillion.

SpaceX’s giant IPO topped the previous record set by Saudi Aramco, Saudi Arabia’s state-owned oil company, which raised more than $29 billion when it went public in 2019.

Musk and SpaceX redefined the space industry with partly reusable rockets and a satellite internet service, Starlink. In February, SpaceX bought Musk’s AI company, xAI, which also owned social media platform X, in a sweeping move to consolidate his business empire. By merging the companies, Musk provided a financial lifeline to xAI, which has spent billions of dollars trying to catch up with its rivals.

SpaceX, which has contracts with NASA and other federal agencies, had long been something of a financial mystery and functioned, at times, as a kind of piggy bank for Musk since 2002, when the company was founded.

But last month, the company revealed a full picture of its finances for the first time in preparation of the market debut. It reported that it had lost more than $4.9 billion last year, compared with a $791 million profit in 2024, because of increased expenditures on AI. Revenue was $18.7 billion last year, up 33% from the previous year.

The surge in SpaceX’s share price Monday should also be seen in the context of global markets rallying in reaction to the preliminary deal to end the war in Iran, said Matt Kennedy, a senior strategist at Renaissance Capital.

He said he expected SpaceX to be a volatile stock this year, adding that it might trade below its IPO price at some point. There is little scope for slip-ups, he noted, with the stock “priced to near perfection.”

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This article originally appeared in The New York Times.

By Lauren McCarthy and Ryan Mac/Andres Kudacki
c. 2026 The New York Times Company

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