Shares of SpaceX (NASDAQ:SPCX) are up 30% in midday trading Friday after the company completed the largest IPO in history. SPCX stock traded near $175, well above the $150 open and the $135 IPO price set Thursday night. This ranks among the most closely watched NASDAQ debuts in years.
The SpaceX session has been volatile by any measure. The day’s range stretched from $150 to the high $160s, capturing the IPO-day churn analysts had warned about heading in. About 555.6 million shares were priced at $135 each, raising a record $75 billion at an IPO valuation near $1.77 trillion that dwarfs every prior listing.
The NASDAQ debut also reshapes the global wealth leaderboard. With SPCX stock surging, Tesla (NASDAQ:TSLA | TSLA Price Prediction) CEO Elon Musk is officially the world’s first trillionaire.
How Musk’s Wealth Crossed $1 Trillion
Musk holds 42% of SpaceX equity and 82% of voting control through Class B shares, a structure laid out in the company’s S-1 filing. With SPCX trading near $158 around midday, his SpaceX stake alone is valued at about $869.4 billion.
His roughly 717 million Tesla shares are worth about $278.2 billion at around $388 per share. Combined, the SpaceX and Tesla stakes total approximately $1.147 trillion, before counting Neuralink, the Boring Company, and other private holdings.
The Bear Case Surrounding SPCX Stock
SpaceX revenue is driven largely by Starlink, the satellite broadband network reaching paying customers across 164 countries. Q1 2026 revenue came in at $4,694 million with adjusted EBITDA of $1,127 million. However, SpaceX still posted a loss from operations of $1.943 billion as capital spending on Starship, the xAI merger, and orbital AI data centers ramps.
Governance is another concern for new SpaceX shareholders. Class B shares carry ten votes each versus one for Class A, leaving Musk with effective control of board composition and most shareholder votes. SpaceX qualifies as a “controlled company” under NASDAQ rules and intends to rely on the corresponding governance exemptions.
Analysts have also cautioned about the typical IPO selloff pattern, where early backers and pre-IPO holders look to monetize gains once trading windows open. The gap between Thursday’s $135 pricing and Friday’s $150 open already shows how quickly SPCX sentiment can shift on a day like this. Volume and intraday swings could intensify into the close.
Tesla’s Indirect Exposure to the SpaceX Print
Tesla stock closed Thursday at $399.15, leaving TSLA shares down 11% year to date (YTD) but up 22% over the past year; the share price is practically unchanged as of Friday afternoon. The TSLA stock slide this year stands in contrast to today’s SpaceX excitement, even though both companies share Musk and overlapping strategic projects.
Tesla disclosed a $2 billion equity stake in SpaceX in its Q1 2026 filing, alongside a joint semiconductor fab at the Gigafactory Texas campus. The vertically integrated chip program gives Tesla holders indirect exposure to today’s SpaceX valuation, even before factoring in Musk’s personal cross-ownership.
What Investors Should Watch From Here
Reddit sentiment on SPCX stock skewed bearish into the open, with r/investing scoring 24 and a viral r/stocks post titled “People are treating SpaceX like a guaranteed lottery ticket” drawing 1,337 upvotes and 991 comments. The r/WallStreetBets crowd registered a more enthusiastic 50 sentiment reading, capturing the familiar split between fundamental caution and short-term speculation around SpaceX.
Investors can keep an eye on SPCX stock into the close to see whether the 30% pop holds or fades as pre-IPO holders consider trimming. Lockup expirations and the first wave of sell-side initiations could shape the next leg for SpaceX stock.
Tesla shareholders may want to watch for any pull-through from the SpaceX valuation in the coming sessions. The Musk premium has historically traveled between his companies, and a record IPO debut is an unusually loud reference point for the entire ecosystem.
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