SpaceX has made its long-anticipated debut on the Nasdaq, with investors signalling strong demand that could push the company’s valuation well beyond $US2 trillion, potentially reaching about $US2.8 trillion.

Shares were indicated to open at around $US175, compared with an IPO price of $US135, representing an initial jump of roughly 30 per cent and underscoring intense market enthusiasm for Elon Musk’s aerospace and technology company.The listing values SpaceX at approximately $US1.77 trillion based on the initial share price, but trading expectations suggest further gains once supply and demand are fully balanced.

The IPO involved the sale of around $US75 billion in shares, making it the largest public offering in history and immediately placing SpaceX among the most valuable listed companies in the United States.

The debut has placed significant pressure on trading infrastructure, with exchanges, market makers and underwriters preparing for unusually high order volumes.Analysts have noted the importance of a smooth launch, referencing past technical disruptions such as Meta’s 2012 IPO.Due to order collection and price balancing mechanisms, shares were expected to begin trading mid-session rather than at the opening bell.

Market commentators expect an immediate surge in the share price driven by strong investor sentiment, sometimes referred to as the “Musk premium”, which has also supported Tesla’s valuation.

Despite its massive market capitalisation, SpaceX reported a loss of nearly $US5 billion last year and generates comparatively modest revenue relative to similarly valued technology firms.Elon Musk described the company’s long-term vision as making humanity multi-planetary, including missions to the Moon, Mars and beyond.

The IPO is also being closely watched as a potential indicator for upcoming listings from major artificial intelligence firms such as Anthropic and OpenAI, which may follow a similar path to market.