NEW YORK — SpaceX shares surged more than 27% in their first day of trading on the Nasdaq on Friday, closing at $172.17 after the rocket and satellite company completed one of the largest initial public offerings in history.

The debut marked a significant milestone for Elon Musk’s aerospace venture, which priced its shares at $135 late Thursday. The strong opening performance pushed the company’s market capitalization well above $2 trillion and further elevated Musk’s personal fortune, positioning him closer to becoming the world’s first trillionaire.

Trading volume was heavy as investors reacted positively to the long-anticipated listing. The stock opened above the offer price and maintained upward momentum throughout the session, reflecting robust demand for exposure to SpaceX’s leadership in reusable rockets, Starlink satellite internet and crewed spaceflight.

IPO Details and Strong Market Reception

SpaceX sold approximately 555.6 million shares at $135 each, raising around $75 billion. Underwriters exercised their greenshoe option for additional shares, bringing the total closer to $86 billion. The offering valued the company at roughly $1.78 trillion at the IPO price, but Friday’s trading pushed that figure substantially higher.

The debut followed an unconventional pricing process in which SpaceX fixed the $135 offer price before its roadshow, bypassing the traditional book-building method. This approach, combined with Musk’s high public profile, generated extraordinary interest from both institutional and retail investors. The company targeted a notably high retail allocation of around 30%, far above typical IPOs, allowing broader public participation through major brokerages.

Early trading reflected strong enthusiasm for SpaceX’s growth prospects. The company has transformed commercial spaceflight with reusable Falcon rockets and expanded global broadband access through Starlink. NASA contracts for crew and cargo missions to the International Space Station have solidified its role in human space exploration.

Musk’s Wealth Milestone

Musk’s approximately 42% stake in SpaceX stands to increase dramatically with the stock’s performance. Combined with his holdings in Tesla and other ventures, the SpaceX surge brings him closer to trillionaire status. Analysts estimate his net worth could surpass $1 trillion depending on sustained trading levels.

The potential milestone has intensified discussions about wealth concentration and the rewards of innovation in technology and space industries. Musk’s companies span electric vehicles, artificial intelligence, space exploration and social media, creating a uniquely diversified empire.

Company Background and Strategic Vision

Founded in 2002, SpaceX has grown from a startup challenging traditional aerospace giants to a leader in reducing launch costs and enabling new applications for satellite technology. Reusable rockets have dramatically lowered barriers to space access, while Starlink provides high-speed internet to remote and underserved regions worldwide.

The IPO provides substantial capital to accelerate Starship development, expand Starlink coverage and pursue long-term objectives such as Mars colonization. Musk has consistently emphasized making humanity multiplanetary, with Starship designed for missions to the Moon, Mars and beyond.

As a public company, SpaceX will face greater scrutiny and quarterly reporting requirements. However, the strong debut suggests investor confidence in its ambitious roadmap and proven execution track record.

Market and Industry Implications

SpaceX’s successful listing could set a positive precedent for other innovative technology companies considering public debuts. The offering comes amid strong appetite for high-growth names tied to artificial intelligence, space and infrastructure themes.

The aerospace sector has seen increased interest as commercial space activities expand. SpaceX’s performance will be viewed as a barometer for investor sentiment toward visionary enterprises with long development timelines but transformative potential.

Broader equity markets showed mixed performance on Friday, but SpaceX’s debut stood out as a clear highlight. Technology and growth stocks generally found support, reflecting continued optimism around innovation-driven businesses.

Analyst Perspectives

Market observers described the debut as a validation of SpaceX’s achievements while noting the risks inherent in the capital-intensive space industry. Many highlighted the company’s technological leadership and recurring revenue streams from Starlink as key strengths.

Analysts expect volatility in early trading as the market establishes fair value. Long-term forecasts remain constructive, citing SpaceX’s competitive advantages and expanding addressable markets in satellite communications and space transportation.

Challenges and Risks

Despite its successes, SpaceX faces substantial operational and financial risks. Rocket launches remain inherently complex, with Starship still progressing through testing phases. Regulatory hurdles, competition from other space companies and the need for continuous capital investment present ongoing challenges.

Starlink’s rapid expansion requires sustained investment in satellites and ground infrastructure. Monetization in emerging markets and regulatory approvals in various countries will influence long-term profitability.

Musk’s leadership, while visionary, has sometimes introduced volatility through public statements and multiple competing priorities across his companies. Investors will monitor how the public company structure affects decision-making and capital allocation.

Broader Economic Context

The IPO arrives at a time of strong interest in transformative technology companies. Recent market trends have favored firms with clear paths to scalability and societal impact. SpaceX’s debut adds another high-profile name to public markets, potentially encouraging further innovation and investment in the commercial space sector.

As global economies navigate inflation concerns and policy shifts, growth-oriented investments like SpaceX continue attracting capital from investors seeking exposure to long-term secular trends.

Looking Ahead

SpaceX’s performance as a public company will be closely watched in coming weeks and months. Strong trading could boost employee morale and attract additional talent, while any challenges might reflect caution around elevated valuations in technology and aerospace.

For Musk and SpaceX, the transition to public markets brings new responsibilities alongside expanded resources. The company’s ability to deliver on ambitious timelines while managing costs and risks will determine its long-term success as a listed entity.

Friday’s trading activity marks the beginning of a new chapter for SpaceX and its thousands of employees. The strong debut underscores investor confidence in the company’s vision and execution, setting the stage for what could be a transformative period in commercial space exploration.

As markets digest the listing, SpaceX’s trajectory will provide important insights into the valuation of innovative technology companies and the evolving role of private enterprise in humanity’s expansion into space. The debut represents both a corporate milestone and a cultural moment in the ongoing story of ambition and innovation in the modern economy.

Gold fell 3.6% to $4,108.20 per troy ounce on Wednesday, its lowest settle value since November. Gold has retreated in five of the past six sessions, and is now down 23% from an all-time high of $5,318.40 hit in late January.

New York City Councilmember Jennifer Gutiérrez and some of her colleagues are pushing a proposal to require the establishment of at least five municipal grocery stores per borough.

The proposal comes as New York City Mayor Zohran Mamdani’s administration aims to establish one municipal grocery store in each of the Big Apple’s five boroughs by the end of his first term.

“Let’s make sure it’s not something that just our current mayor invests in, but something we can codify into in perpetuity,” Gutiérrez said, according to The City Reporter.

Fox News Digital reached out to Gutiérrez’s office on Friday to request a comment from the councilmember.

MAYOR ZOHRAN MAMDANI SAYS FIRST OF NYC’S FIVE GOVERNMENT-RUN GROCERY STORES WILL OPEN IN THE BRONX NEXT YEAR

Zohran Mamdani, mayor of New York, and Kathy Hochul, governor of New York, during a news conference on 2026 FIFA World Cup transportation at the MTA Rail Control Center in New York, on Thursday, June 4, 2026. (Adam Gray/Bloomberg via Getty Images / Getty Images)

The proposal calls for the commissioner of small business services or the leader of a different agency designated by the mayor to create at least five grocery stores per borough “in consultation or partnership to the extent feasible with a contracted entity,” according to the measure.

A press release pertaining to the mayor’s effort earlier this year noted, “The city-owned grocery initiative is designed to lower costs on everyday staples by using public ownership to eliminate costs that are currently passed on to consumers.”

MAMDANI TOUTS MASSIVE TAXPAYER-FUNDED INVESTMENT FOR TRANS HEALTHCARE: ‘FIRST STEP’

New York City Councilmember Jennifer Gutiérrez. (Theodore Parisienne/New York Daily News/Tribune News Service via Getty Images / Getty Images)

“The initiative aims to deliver affordable, high-quality groceries that provide meaningful savings to New Yorkers and strengthen neighborhood food access citywide. Mayor Mamdani has allocated $70 million in capital funds for the development of the five sites,” the release noted.

“Under the model, the City will own the land and cover overhead costs like rent and construction. A private operator, selected through a request for proposals, will manage daily operations and be contractually required to pass savings directly to customers on a core basket of everyday staples,” the release explained.

HEDGE FUND BILLIONAIRE EXPANDS MIAMI DEVELOPMENT PLANS AFTER MAMDANI FEUD

The sun sets across midtown Manhattan, the Empire State Building, and the Statue of Liberty in New York City on April 26, 2026, as seen from Bayonne, N.J.  (Gary Hershorn/Getty Images / Getty Images)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Mamdani, a self-described democratic socialist, took office this year after winning the New York City mayoral election last year while running as a Democrat.

The traditional American pastime of gathering at a local sports bar to watch Sunday football is being strangled by a technical and financial bottleneck, one restaurateur is warning.

“It’s why we’re speaking up, because the simple matter is that it is hard to watch all of the streaming things… Is it on YouTube TV? Is it the [NFL] Sunday Ticket? Is it Amazon?” Texas restaurateur and Tailgators Pub & Grill founder Jim Hallers said on “Varney & Co.” Friday.

“For the last 30 years, it’s come to us through DirecTV, and it’s just worked,” he continued. “And so we like a centralized approach, but we just need technology that works, and streaming is still very immature.”

Testifying before Congress on Wednesday, Hallers explained to lawmakers that the sports media landscape’s sudden fragmentation into separate streaming apps is creating an expensive tech maze for hospitality venues, threatening the business model of – often-rural – neighborhood pubs that rely on NFL fans to keep their doors open in the fall.

TOM BRADY LAUNCHES GOOD NUT COCONUT WATER LINE WITH GOPUFF IN MARKET EXPECTED TO REACH $11B BY 2030

“Everybody has to move to streaming. And so, literally, now, we have to buy streaming boxes. And in a typical smaller bar where I have maybe 30 or 40 TVs with a DIRECTV box mounted behind every television, I now have to get an EverPass streaming box. But you can’t put an EverPass streaming box behind every TV. It doesn’t work like that,” Hallers said on Capitol Hill. “Just imagine at home, if you tried to stream, you know, 30 Netflix’s at once, your internet’s just going to die. Well, it’s the same way for most bars and restaurants today.”

Fans watch Super Bowl LX at Saloon in Boston on February 8, 2026.  (Getty Images)

“One commercial video switch with enough inputs and outputs can cost in excess of $15,000. A full upgrade including equipment, wiring and the labor, will cost $30,000 to $40,000 per restaurant,” he also testified. “So instead of simplifying the business, the transition is adding another layer of cost and complexity.”

Wednesday’s congressional hearing stemmed from the Iowa Restaurant Association and the Wisconsin Restaurant Association, which each represent thousands of independent restaurant and bar owners, sending letters to high-powered GOP lawmakers in their states urging them to act on “a significant shift in the commercial distribution of NFL Sunday Ticket that threatens to impose immediate and substantial burdens on small businesses” across their states.

The concern comes after streaming service EverPass Media announced it would become the exclusive commercial option for NFL Sunday Ticket starting with the 2026 season. The Iowa letter was sent to Senate Judiciary Committee Chairman Chuck Grassley, while the Wisconsin edition went to Rep. Scott Fitzgerald, who chairs the House Judiciary Subcommittee on Antitrust.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“We understand that transitioning to a streaming-based solution for NFL Sunday Ticket may require planning, from connectivity and hardware to overall venue readiness. That’s why our team is committed to helping customers make the transition with confidence and be fully prepared before kickoff. Our goal is simple: make sure your venue is ready well before the first Sunday of the season, so you can focus on what matters most: delivering a great experience for every guest who walks through the door,” EverPass’ website reads.

“We really need it to work,” Hallers pleaded on Friday. “It’s not a matter of price. We just want technology that works, and that’s what they’ve been taking away from us.”

READ MORE FROM FOX BUSINESS

Fox News’ Brian Flood contributed to this report.