SpaceX made its debut on the Nasdaq on Friday, marking the largest IPO on record. The company raised $75 billion, pricing its shares at $135. On its first day of trading, the stock closed at $160.95, a jump of approximately 19% from its offer price. This debut brought SpaceX’s market capitalization to over $2.1 trillion, making it the sixth most-valuable U.S. Company and establishing founder Elon Musk as the world’s first trillionaire. Market reactions to the IPO were largely positive, with the stock reaching a high of $176.52 during the day before settling. While the stock’s performance lifted confidence for potential 2026 public offerings from OpenAI and Anthropic, some analysts expressed concerns regarding its valuation. CFRA issued a sell rating shortly after the debut, citing “elevated valuation expectations” and a heavy dependence on the Starship rocket. Also, Morningstar equity analyst Nicolas Owens described the stock as “significantly overvalued,” with the firm providing a fair value estimate of $63 per share. The IPO also triggered a notable sell-off in other space sector stocks. Shares of Rocket Lab, AST SpaceMobile, and Intuitive Machines fell significantly on Friday. According to Yahoo, this may have been driven by “rotation,” where investors sold existing holdings to fund SpaceX allocations, or a broader re-evaluation of how these smaller companies stack up against a better-funded rival. Despite the high valuation, some investors remain optimistic. Steve Westly of The Westly Group noted that while the company must deliver results quickly, the combination of Musk and COO Gwynne Shotwell could succeed. Meanwhile, some critics highlighted the company’s financial history, noting a $4.9 billion loss last year and over $41 billion in total losses since its founding.