Space Exploration Technologies Corp. (NASDAQ:SPCX) is extending gains in Monday premarket trading after delivering the largest IPO in market history and reaching a valuation above $2 trillion on its debut.
The blockbuster listing also drew comparisons to early-stage NVIDIA Corp. (NASDAQ:NVDA) from Sequoia Capital partner Shaun Maguire, who said SpaceX’s public market journey is still in its early innings.
The Elon Musk-led company closed its first trading session at $160.95, up 19.22% from its $135 IPO price, after raising $75 billion in an all-primary share offering.
The strong debut pushed SpaceX’s market capitalization to roughly $2.11 trillion and helped make Musk the world’s first trillionaire based on the combined value of his SpaceX and Tesla, Inc. (NASDAQ:TSLA) holdings.
Musk and other early stakeholders are subject to a 366-day lockup period.
Analysts See Long-Term Opportunity
Wedbush Securities analyst Dan Ives called the SpaceX listing a watershed moment. He said the debut could mark the start of an “IPO supercycle” and help clear the path for future listings from companies such as Anthropic and OpenAI.
Sequoia Capital partner Shaun Maguire told CNBC on Friday that SpaceX’s public debut marks an early milestone and likened the company to NVIDIA Corp. (NASDAQ:NVDA) three years ago.
Maguire said he plans to hold his SpaceX shares “forever,” reflecting his confidence in the company’s long-term trajectory.
Maguire also pointed to Starship as a key part of SpaceX’s future opportunity, saying the company’s engineering base and infrastructure support his long-term optimism.
SpaceX Price Action
SpaceX shares were up 6.16% at $170.87 during premarket trading on Monday, according to Benzinga Pro data. The move comes as risk appetite improves across markets, with U.S. stock futures rallying after President Donald Trump announced a peace agreement with Iran, sending crude oil prices lower and boosting sentiment toward growth and technology stocks.
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