SpaceX debuted on the Nasdaq on Friday, marking the largest initial public offering in U.S. History. The rocket, computing, and satellite company saw a trading volume of more than 500 million shares, closing at $160.95. This closing price was nearly 20% above its telegraphed offering price of $135 per share and resulted in a first-day market capitalization exceeding $2.1 trillion. The stock opened at $150 and reached a high point of $176.52 less than two hours into trading before falling back toward $158 in the afternoon. While some investors expressed concern that a large retail allocation of up to 30% could cause volatility, trading was not described as especially volatile by some observers. In after-hours trading, the stock continued to rise, reaching $166.85. Market analysts are currently debating how SpaceX fits into existing market categories. Some analysts suggest SpaceX has joined a new category of market-defining mega-cap stocks that includes the “Magnificent Seven” favorites like Nvidia, Microsoft, Amazon, Google, and Meta. Others suggest the “Magnificent Seven” label may be replaced or expanded. One proposed acronym is “MANGOS,” which includes Meta, Anthropic, Nvidia, Alphabet, OpenAI, and SpaceX, while another suggestion is “Magna Atoms,” which adds SpaceX, OpenAI, and Anthropic to the original seven. Looking ahead, TD Securities noted that SpaceX will not be fast-tracked into the S&P 500 Index and must trade for at least one year to become eligible. However, the firm indicated that the Nasdaq 100 Index is expected to rebalance to reflect SpaceX’s IPO shares on July 6. Other benchmarks, including the S&P Total Market Index and Russell Indexes, will also adjust as shares become freely tradable.