- SpaceX shares rose 19% to close at about $161 on their first day of trading, after pricing at $135 in the largest-ever IPO.
- The company achieved a market value of roughly $2.1 trillion, making it the sixth-largest listed U.S. company by the end of the day.
- Elon Musk became the world’s first trillionaire as a result of the debut, according to the Wall Street Journal.
- Broader stock indexes ended the session higher: the Dow Jones Industrial Average rose 0.7% to close at 50,848.75, the S&P 500 gained 0.5% to 7,394.30, and the Nasdaq Composite added 0.3% to 25,809.66.
- A U.S.-Iran peace deal moved closer, with terms including destruction of Iran’s enriched uranium stockpiles, contributing to a 3.4% drop in Brent crude oil prices.
SpaceX’s shares jumped in the company’s first day of public trading, making it the largest initial public offering in history and elevating Elon Musk to the top of the global wealth rankings. The debut, which lived up to what the Wall Street Journal described as intense hype, also lifted major U.S. stock indexes as investors absorbed a record-breaking market entry.
The stock opened at $135 per share and closed at about $161, a 19% gain. That gave SpaceX a market capitalization of roughly $2.1 trillion, making it the sixth-largest publicly traded U.S. company by the end of trading June 12, according to the Wall Street Journal. The Journal noted that analysts struggled to evaluate SpaceX with traditional valuation methods, as the company benefits from a cult following and a wealthy investor base.
The broader market rose. The Dow Jones Industrial Average closed at 50,848.75, up 0.7%, according to FRED data. The S&P 500 ended at 7,394.30, a 0.5% gain, and the Nasdaq Composite finished at 25,809.66, up 0.3%.
Market gains were supported by signs of easing geopolitical tensions. The Wall Street Journal reported that a peace deal between the United States and Iran neared completion, with terms that would require Iran to destroy its stockpiles of highly enriched uranium and forswear nuclear weapons development in exchange for sanctions relief. Brent crude oil fell 3.4% on Friday in response to the cooling of tensions, the Journal said.
Looking ahead, the success of the SpaceX listing could accelerate plans for other large IPOs. The Wall Street Journal reported that AI companies Anthropic and OpenAI are seen as the next potential blockbuster market debuts, with surging revenue and strong investor appetite, and that SpaceX’s market performance could encourage them to move faster.
The Journal also warned investors about the broader health-wearables sector, noting that while companies such as Oura and Whoop have seen soaring valuations in venture funding rounds, subscription-dependent health-equipment companies like Peloton failed to sustain early growth. The caution came as the Journal framed the wearables boom in the context of the IPO market.