SpaceX began trading on the Nasdaq under the ticker SPCX on Friday morning, marking the largest initial public offering in history. The company sold more than 555 million shares at an offer price of $135, raising approximately $75 billion. The IPO put SpaceX’s value at over $1.75 trillion, with some reports placing the total value at $2.1 trillion, making it larger than the combined value of Exxon Mobil, Bank of America, and Coca-Cola. Shares opened at $150, an 11% increase over the IPO price. During the first few minutes of trading, the stock reached as high as $168.75, a 25% increase from the IPO price, before retreating to $165. While the stock rose, the company’s prospectus reported a net loss of $4.3 billion in the first quarter of this year. Morningstar analysts have expressed concerns regarding the valuation, citing “very high” uncertainty and risks related to strategic execution, regulations, and key-person dependency. To mark the debut, SpaceX executives, including President Gwynne Shotwell and CFO Bret Johnsen, rang the opening bell in New York while CEO Elon Musk rang a bell from Starbase, Texas. SpaceX plans to use the raised funds to expand its rocket and satellite communications businesses and pivot toward artificial intelligence. The company, which acquired xAI earlier this year, intends to develop AI microchips and “orbital AI compute infrastructure.” The company currently operates about 9,500 of the approximately 14,000 satellites orbiting Earth. Reports indicate SpaceX may be in talks to acquire coastal land in Louisiana’s Vermilion Parish to support its operations, potentially using the area’s deep-water access and methane infrastructure. Also, state lawmakers recently passed a package of bills providing aerospace companies with tax breaks and protections against lawsuits related to rocket testing or launches.