SpaceX IPO Soars 30%, Valuing Company at $2.3 Trillion

SpaceX made a historic debut on the Nasdaq, with its stock price soaring 30% to $150 a share, valuing the company at $2.3 trillion. This makes SpaceX the sixth most valuable public company in the U.S.

The company's IPO was oversubscribed by 4x, with many institutional investors unable to receive allocations and instead buying shares on the open market. This strong demand, combined with SpaceX's small float, has driven the stock price up significantly.

The original version of this article was published at 11 am ET. The article has been updated with a new share price and other information.

Elon Musk's SpaceX IPO was one of the largest windfalls in the history of venture capital. The returns to Founders Fund, which invested $600 million in the company and owns a 3% stake, are estimated at more than $50 billion at the IPO price of $135.

• Andreessen Horowitz's stake is worth more than $10 billion, and Sequoia's is valued at over $20 billion.

• The debut is also one of the largest windfalls in the history of venture capital. The returns to Founders Fund, which invested $600 million in the company and owns a 3% stake, are estimated at more than $50 billion at the IPO price of $135.

• Debuting at $150 made founder Elon Musk the world's first trillionaire. The New York Times has reported that around 4,400 current and former SpaceX employees will become millionaires, while around 400 will become centimillionaires.

• Robinhood said it has seen "record-breaking" traffic on its trading platform Friday in the hours after SpaceX's historic public markets debut.

• The demand for SpaceX is also a function of its small float, with only about 4% of shares available for public trading, while early investors and employees hold the rest.

SpaceX's Market Debut

SpaceX lifted off on its first day as a public company, immediately jumping to $150 a share after it began trading on the Nasdaq, around 11% higher than the $135 figure at which it officially priced its IPO on Thursday. The stock price reached as high as $176 in midday trading.