On Friday, the world waited with bated breath to watch how markets would react to SpaceX’s blockbuster $1.75 trillion IPO, which raised $85.7 billion in proceeds.
Now, on its first full day of trading, the company is worth more than $2.4 trillion.
The stock began trading at $150 a share, and as of Monday afternoon it was trading at $186, up 16% after surging 19% in its debut. The price spike is typical of IPOs. Airbnb’s stock price increased 112% on its first day on the Nasdaq in 2020. Similarly, the design platform Figma’s stock skyrocketed 252% on its first day.
“This is marketing 101,” said Eric Hoffmann, chief data officer at compensation consulting firm Farient Advisors, told Fortune earlier this month ahead of the IPO. “They’re driving hype to drive the stock price and the amount of money they can raise.”
The only IPO that has ever come close to SpaceX’s was Saudi Aramco, Saudi Arabia’s national oil company, on December 11, 2019. Listed on the country’s Tadawul exchange, the state-owned enterprise was valued at $1.7 trillion and raised $25.6 billion. Much like SpaceX, its value shot up to more than $2 trillion within days.
