SpaceX made its official trading debut on the Nasdaq on Friday, marking the largest IPO on record. The company raised $75 billion, an amount roughly triple the size of Alibaba’s 2014 offering. Following the debut, SpaceX reached a market capitalization exceeding $2 trillion, making founder Elon Musk the world’s first trillionaire with an estimated fortune exceeding $1.1 trillion. The stock opened at $150, surged to a high of $176.52, and closed at $160.95, finishing the day nearly 20% above its $135 offering price. The IPO saw significant investor demand, with over $350 billion in demand against the $75 billion offering, leaving the deal roughly four times oversubscribed. While the company initially announced a retail allocation of up to 30%, retail investors actually received allocations in the low 20% range as institutional demand overwhelmed the book. The trading volume exceeded 500 million shares, approaching the volume of Facebook’s 2012 debut. The listing also triggered a “capital-reallocation effect,” where investors liquidated proxy holdings in other space-sector stocks, such as Virgin Galactic Holdings, which plunged 34%, to purchase SpaceX shares directly. Market reactions to the valuation have been mixed. While some analysts view SpaceX as a new category of market-defining mega-cap stock, others expressed skepticism regarding its long-term viability. Financial research firm CFRA issued a sell rating, citing concerns over the company’s dependence on the Starship rocket and the need to generate consistent free cash flows. Also, NYU finance professor Aswath Damodaran characterized SpaceX’s stated $28.5 trillion total addressable market as a “hallucination.” The IPO has also sparked public discourse regarding wealth inequality. California Governor Gavin Newsom and Senator Bernie Sanders both used social media to comment on Musk’s new trillionaire status in the context of consumer struggles with inflation. Meanwhile, the group Safe AI Now staged a protest in Times Square to highlight the company’s AI safety track record. Looking ahead, TD Securities notes that SpaceX will not be fast-tracked into the S&P 500 but may be added to other indexes, such as the Nasdaq 100, in July.