SpaceX received strong investor demand on its first day of trading on the U.S. stock market, with its share price rising as high as $176 during trading and closing at $159.75, a 19% increase from its offering price of $135. Based on the intraday high, the company’s market capitalization approached $2.3 trillion.
Rallied to $176 intraday.
This listing also pushed Elon Musk’s personal wealth to a new high. At the listing opening price of $150, Musk became the world’s first person with a net worth exceeding $1 trillion. Media also noted that approximately 4,400 current and former SpaceX employees will become millionaires as a result, with around 400 individuals reaching a net worth of over $100 million.
Robinhood stated that within hours of SpaceX's listing, platform trading volume hit a record high, indicating a significant increase in retail participation.
Only about 4% of the shares are in circulation.
Strong market demand is also linked to the limited number of tradable shares of SpaceX. Currently, only about 4% of shares are available for trading on the open market, with the remaining shares held by early investors and employees. The small float means that new buying pressure can more easily drive the stock price higher.
The article also noted that SpaceX previously succeeded in influencing changes to index inclusion rules, causing indices such as the Nasdaq-100 to incorporate companies more quickly. This means that institutional funds and ETFs tracking these indices may begin automatically purchasing shares in the coming days, further increasing demand for the stock.
Venture capital firms' paper gains have increased.
This listing also generated substantial venture capital exit gains. Bloomberg estimates that Founders Fund previously invested $600 million in SpaceX, holding approximately 3% of the company; at the $135 offering price, this stake is now worth over $50 billion.
Among other major institutions, Andreessen Horowitz's stake is valued at over $10 billion, while Sequoia Capital's stake is valued at over $20 billion. For the U.S. venture capital industry, this is one of the most significant realized paper gains in recent years.