SpaceX shares jump 19% after record $75 billion IPO
What's new: The stock closed at $160.95, lifting the company above a $2 trillion market value on its first trading day.
SpaceX began trading on Nasdaq on Friday after raising about $75 billion in the largest initial public offering on record, and the stock climbed 19% to close at $160.95. The gain pushed the company above a $2 trillion market value on its first day as a public company. SpaceX sold more than 555 million shares at $135 each. The listing also made CEO Elon Musk the world’s first trillionaire, according to NPR. The company told regulators it plans to use the proceeds to expand its rocket and satellite communications businesses and deepen its push into artificial intelligence after acquiring xAI earlier this year. SpaceX remains unprofitable, reporting a net loss of $4.3 billion in the first quarter.