SpaceX builds on debut rally with further gains after record IPO

SpaceX shares jumped in premarket trading Monday, after its blockbuster debut Friday vaulted it into the ranks of the world’s most valuable public companies.

The shares climbed as much as 7.7% to $173.30, on track to extend Friday’s 19% gain. That had given the company a market value of more than $2 trillion at the close last week, following its record $75 billion initial public offering.

The performance helped bolster confidence in the artificial intelligence rally, following SpaceX’s embrace of AI earlier this year with the acquisition of Musk’s xAI. It also boosted the IPO prospects of Anthropic PBC and OpenAI, both of which plan go public themselves.

“The positive SpaceX debut and investor reception is a good sign for OpenAI and Anthropic as both companies likely head down the IPO path before year-end,” Wedbush Securities analyst Dan Ives wrote in a note to clients.

Still, many investors remain sceptical that SpaceX, which has yet to turn a profit, deserves such a hefty valuation.

Monday will mark the first full trading session for the stock formally known as Space Exploration Technologies Corp. Shares opened a few minutes before noon on Friday in New York, meaning it traded for just over four hours before the market close.

“Overall, SpaceX going public is an important watershed moment for the broader tech sector in our view, as this AI revolution and data takes this next step forward,” Ives said.

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