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.
