SpaceX Begins Trading In Nasdaq At $150 After $135 Pricing

SpaceX began trading in Nasdaq on Friday at $150 after a $135 pricing. The stock immediately surged by double digits as retail investors show appetite for the company led by Elon Musk and taking it over a $2 trillion valuation.

Musk and SpaceX President and COO Gwynne Shotwell rang the opening bell on Friday, with the former in Texas and the latter in New York City.

Musk said in a livestream before the IPO that the company has been cash-flow positive for more than 10 years. He added that he wanted to take the company public to take the company into a “significant growth phase” that involves putting more than 100,000 satellites in orbit for communications. The company also wants to build AI data centers in space.

Musk became the world’s first person worth than a trillion after the company began trading. With the stock at $150 a share, his stake in the company is worth more than $766 billion. Combined with the $280 billion worth of Tesla stock, he is now worth more than $1 trillion.

Founded by Elon Musk in 2002, SpaceX has grown into a dominant force in the global space industry through its Falcon rocket program, cargo and crew transportation missions, as well as Starlink satellite internet network. The company has become a key launch provider for commercial customers, governments and NASA, while expanding broadband services through Starlink across dozens of countries.

SpaceX has reportedly been negotiating underwriting fees below 0.75%, an unusually low level for a deal of this size, according to Bloomberg News. Even at that level, the offering could still generate hundreds of millions of dollars in fees for participating investment banks because of the transaction’s scale.

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan are among the banks leading the offering, according to Reuters.