SpaceX’s share price was poised for more gains on Monday, as the company was set to begin its first full day of trading as a public company.
Elon’s Musk’s rocket maker and artificial intelligence company rose more than 5 percent in premarket trading on Monday, ahead of the opening of the Nasdaq exchange, where its shares are listed.
In a frenzied few hours of trading on Friday, the day of the company’s market debut, SpaceX rose nearly 20 percent. The gain crowned Mr. Musk, 54, as the world’s first trillionaire and quelled jitters on Wall Street about whether investors would accept the company’s lofty valuation.
The company completed the largest initial public offering on record, raising $75 billion at a valuation of $1.77 trillion. It is seen as bellwether for other giant technology companies, namely Anthropic and OpenAI, seeking to go public this year. At the end of Friday’s trading, SpaceX was worth over $2 trillion in market value.
Anthropic and OpenAI, which have developed foundational A.I. models and chatbots, are each expected to go public with valuations approaching $1 trillion.
SpaceX’s giant I.P.O. topped the previous record set by Saudi Aramco, Saudi Arabia’s state-owned oil company, that raised more than $29 billion when it went public in 2019.
Celebras, a Silicon Valley maker of A.I. chips that is among the companies looking to challenge the market dominance of Nvidia, went public in early May. Cerebras had been the largest public offering this year, until SpaceX, and the biggest tech debut globally since 2019.
Mr. Musk and SpaceX redefined the space industry with partly reusable rockets and a satellite internet service, Starlink. In February, SpaceX bought Mr. Musk’s A.I. company, xAI, which also owned the social media platform, X, in a sweeping move to consolidate his business empire. By merging the companies, Mr. Musk provided a financial lifeline to xAI, which has spent billions of dollars trying to catch up with its rivals.
SpaceX, which has contracts with NASA and other federal agencies, had long been something of a financial mystery and functioned, at times, as a kind of piggy bank for Mr. Musk since 2002, when the company was founded.
But last month, the company revealed a full picture of its finances for the first time in preparation of the I.P.O. It reported that it had lost more than $4.9 billion last year, compared with a $791 million profit in 2024, because of increased expenditures on A.I. Revenue was $18.7 billion last year, up 33 percent from the previous year.
