SpaceX extended its explosive stock market debut on Monday, climbing 19.6 percent in its first full day of trading after surging 19.2 percent on Friday, as investors continued piling into Elon Musk's space and technology giant.
The company also announced it raised $85.7 billion after underwriters exercised an option to purchase additional shares, surpassing the initial $74.4-billion offering and setting a new record for the world's largest initial public offering. The rally pushed SpaceX's market value to roughly $2.5 trillion and cemented Musk as the world's first trillionaire.
The blockbuster listing is being closely watched as a potential benchmark for other major technology firms planning to go public, including OpenAI and Anthropic. Despite the market enthusiasm, SpaceX recently disclosed a $4.9-billion loss last year as spending on artificial intelligence accelerated, although revenue climbed 33 percent to $18.7 billion. Musk has projected the company could generate $1 trillion in annual revenue by 2030, while analysts caution the stock is already priced for near-perfect execution.
