SpaceX smashes Wall Street expectations in historic IPO debut

SpaceX raised 75 billion dollars in its initial public offering. Shares debuted at 150 dollars per share under the ticker SPCX and rose to 192.50 dollars by the end of the second trading day. The 42.6 percent gain lifted the company's market capitalization above 2.5 trillion dollars. More than 350 billion dollars in demand was reported for the shares. Over 500 million shares changed hands in the first trading session. SpaceX builds rockets, manufactures satellites, and operates Starlink, the world's largest satellite internet network. The company is pursuing development of AI-powered infrastructure in space. Elon Musk described the listing as the start of a significant growth phase for the company. The vision includes deployment of more than 100,000 communication satellites. Analyst estimates show a high 12-month price target of 227 dollars per share and an average target near 164 dollars. CFRA initiated coverage with a sell rating and a target of 115 dollars. SpaceX is expected to join the Nasdaq-100 and Russell indices soon. Bloomberg Intelligence estimates that index inclusion could generate 6.6 billion dollars in buying demand from passive funds. The space industry is currently worth approximately 600 billion dollars and could reach 1.8 trillion dollars by 2035. SpaceX is one of NASA's largest commercial contractors.