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The momentum hasn't slowed for SpaceX.
Shares of the company climbed more than 13% Monday, pushing past $182 and lifting its market valuation above $2.4 trillion, as investors continued piling into the stock following Friday's record-setting initial public offering. The debut marked the largest IPO in history, with SpaceX selling more than half a billion shares priced at $135 each to raise roughly $75 billion.
Friday's first session was volatile but ultimately positive. Shares opened at $150, spiked above $176 at one point, and settled around $161 by the close — a gain of about 7% from the opening price after some of the day's early enthusiasm faded. The combination of rocket launches, satellite connectivity through Starlink, and artificial intelligence operations under one corporate roof has placed SpaceX among the most valuable publicly traded companies in the country, surpassing Tesla's market capitalization by more than half a trillion dollars. The surge has also pushed CEO Elon Musk's paper net worth past the trillion-dollar mark.
The listing has had ripple effects across the broader space sector. Several space-focused stocks and funds fell sharply on Friday, including a notable space technology ETF that dropped 8%, while Virgin Galactic shares plunged more than 30% and Rocket Lab slid over 10%. Analysts at Bespoke suggested investors may have been using those names as proxies for SpaceX exposure ahead of its debut, then rotated out once the stock became available. Some of those space-related shares began recovering Monday as broader markets advanced.
Not every investor stayed on the sidelines during Friday's selloff in peer stocks. Cathie Wood's Ark Invest funds collectively purchased around 3.3 million SpaceX shares across four of its ETFs, with one space and defense-focused fund allocating nearly 7% of its portfolio to the new stock.
Attention is now turning to what comes next for the IPO market. Two other major private companies, AI firms Anthropic and OpenAI, have both signaled they may pursue public offerings in the near future, raising the possibility of additional mega-listings before the year is out.
For now, though, SpaceX remains the story dominating Wall Street's attention as its second trading day unfolds.
