SpaceX continued to climb on the second day as the reusable rocket company's shares jumped 6 per cent to USD170 against the Friday's closing price of USD161. SpaceX shares ended their debut trading session at USD161 with gains of 19 per cent over the issue price of USD135.
The rise in SpaceX shares led to its valuation topping USD2 trillion. The spike in SpaceX shares came amid broader positive sentiment on Wall Street as indices gained on opening after US President Donald Trump announced that a peace deal has been struck with Iran. A formal memorandum of understanding between the two sides will be signed on Friday in Switzerland.
Global brokerage firm Oppenheimer has given an "outperform" rating to SpaceX with a target price of USD190. "We see it as the only vertically integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent," a Reuters report quoted Oppenheimer analyst Timothy Horan from a brokerage note published on Thursday.
The rocket, internet and AI company had raised a record USD75 billion from both retail and institutional investors selling close to 556 million shares at a valuation of USD1.77 trillion.
Musk's ambition for SpaceX ranges from having a multiplanetary civilisation to data centres in space. At the opening bell ceremony on Friday during the listing of SpaceX, Musk said that the company wants to take fiction out of science fiction.
Musk, in a post on X, said that SpaceX could reach a trillion dollars in revenue by 2030. He followed it up with another post saying he would be surprised if it didn't cross USD1 trillion by 2031.
SpaceX revenue in 2025 totaled USD18.7 billion.
SpaceX houses a reusable rocket company which has the US government as one of its top clients along with the satellite internet unit Starlink and the artificial intelligence unit xAI. Musk merged xAI with SpaceX in February this year.
The money raised through the IPO is expected to be spent on ramping up the data centre infrastructure to bolster the massive compute capacity needed to train large language models (LLMs).
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)
