Overview

SpaceX (NASDAQ: SPCX) completed the largest initial public offering in history, raising $75 billion and closing its first trading day with a market capitalisation of roughly $2.1 trillion. The shares opened at $150 on Friday, reached an intraday high of $176.52, and settled around $161, representing a 19 % surge on debut.

Monday Trading Performance

On the following Monday, the stock rallied an additional 19.6 % during regular trading, rose another 2.7 % in after‑hours, and finished the day at $192.47. This price uplift lifted the company’s market capitalisation to about $2.5 trillion, propelling SpaceX to become the sixth‑largest public company worldwide by market value, overtaking Taiwan Semiconductor Manufacturing Co (TSMC).

Trading Volume

More than 500 million shares changed hands on the first day, a volume comparable to the 580 million shares traded during Facebook’s 2012 Nasdaq debut.

Management Commentary

Chief Executive Elon Musk told a JPMorgan Chase livestream that SpaceX has been cash‑flow positive since approximately 2015 and described the IPO as the commencement of a “significant growth phase.” He outlined ambitions to launch over 100,000 satellites for communications and to construct artificial‑intelligence data centres in space, among other initiatives.

Industry Context – Jefferies Note

Analysts at Jefferies estimated the global space economy at $600 billion today and projected it could triple to $1.8 trillion by 2035, with defence identified as the fastest‑growing segment. The United States accounts for roughly 60 % of global government spending on space, amounting to about $80 billion, while China’s nominal spend is around $20 billion.

Government Spending Highlights

The U.S. Space Force budget rose 40 % year‑on‑year in fiscal 2026, reaching $40 billion, which exceeds NASA’s $24 billion budget for the same period.

SpaceX’s Federal Contracts

SpaceX ranks as NASA’s second‑largest commercial contractor by contract value, behind Caltech, receiving $2.1 billion in full‑year 2025 contracts covering launch services, communications, and IT infrastructure. Analysts noted that the U.S. government’s extensive outsourcing to SpaceX creates a direct linkage between federal spending priorities and the company’s business outlook.