SpaceX, the rocket and space exploration company run by Elon Musk, made a landmark stock market debut in the United States on 13 June 2026, with shares closing at $160.95 — up 19 per cent above its IPO offering price of $135. The listing valued SpaceX at approximately $2.2 trillion, making it the sixth-highest valued public company in the world and, according to reports, turning Musk into the world's first trillionaire.

A Record-Breaking Market Debut

Shares surged as high as 31 per cent above the offering price during intraday trading before settling at the closing gain of 19 per cent. The IPO raised roughly $75 billion, placing it among the largest public offerings in financial history. Demand was extraordinary: orders reportedly topped $350 billion, with retail investor interest alone accounting for over $100 billion. Despite the overwhelming demand, approximately one-third of applicants did not receive any stock allocation, according to reports.

AI Narrative Fuels Investor Appetite

SpaceX's acquisition of Musk's artificial intelligence venture xAI earlier in 2026 positioned the IPO as more than a space-sector bet. Analysts noted that the listing was widely read as a proxy test for market enthusiasm around AI-driven business models, arriving at a time when US equity markets have leaned heavily on AI optimism for broader growth. The xAI integration helped SpaceX pitch itself as a convergence play — rockets, satellites, and artificial intelligence under one publicly traded roof.

Valuation Concerns and the Q1 Loss

Not all observers were convinced the euphoria was warranted. Some analysts cautioned that SpaceX's lofty valuation may be running ahead of its financial fundamentals. The company reported a net loss of $4.28 billion in the first quarter of 2026, a figure that critics argue sits uneasily alongside a $2.2 trillion market capitalisation. For context, among US IPOs raising at least $1 billion, design software maker Figma holds the record for the largest day-one gain — a 250 per cent surge in its 2025 debut — but has since given back those gains and trades approximately 45 per cent below its IPO price, according to available data.

Political Reaction to Musk's Trillionaire Status

Musk's ascent to trillionaire status drew an immediate political response in Washington. Democratic lawmakers, including Massachusetts Senator Elizabeth Warren and California Representative Ro Khanna, called for a wealth tax on the richest Americans in the wake of the milestone. The calls reflect a broader, ongoing debate in the United States over wealth concentration at the apex of the technology and space industries.

What Comes Next

SpaceX's post-IPO trajectory will be closely watched by institutional investors who remain divided between the company's long-term strategic ambitions — spanning satellite internet via Starlink, deep-space missions, and AI — and its near-term profitability gap. How the stock performs in the weeks following its debut, particularly relative to its Q1 loss disclosure, will serve as a litmus test for whether the AI-and-space narrative can sustain current valuations.