SpaceX shares climbed almost 20 per cent on Monday, building on a blockbuster debut that transformed Elon Musk’s lossmaking AI, satellite and rocket company into one of the most valuable in the world.
The shares, which were sold for $135 apiece, rose to $192. They closed up 19 per cent at $160.95 on their first day of trading on Friday, with more than $80bn of shares trading hands following an initial public offering that raised a record $75bn.
Monday’s 19.6 per cent rally means SpaceX boasts a market valuation of about $2.5tn, making it the world’s sixth-largest company. Musk last week became the world’s first trillionaire and the group plans to channel the proceeds of its historic IPO into a range of ambitious projects, from its skyscraper-sized reusable Starship rocket to building a vast network of orbital AI data centres.