SpaceX made a highly anticipated debut on the Nasdaq, with its shares opening 11 per cent above the initial public offering price of US$135 per share.The strong market response valued the company at approximately US$1.96 trillion (A$2.78 trillion), making chief executive Elon Musk the first person in history to reach a net worth exceeding US$1 trillion.

The listing is being closely watched by investors because it may influence market sentiment ahead of expected public offerings from major artificial intelligence companies such as Anthropic and OpenAI.

The IPO raised US$75 billion, more than double the amount raised by Saudi Aramco’s record 2019 listing, making it one of the largest share offerings ever.

During the Nasdaq opening ceremony, Musk reiterated his long-term vision of making humanity a multi-planetary species through future missions to the Moon, Mars and beyond.Despite investor enthusiasm, questions remain about SpaceX’s valuation.The company generated revenue of US$18.7 billion in 2025 and reportedly lost nearly US$5 billion last year.

Some analysts argue that its valuation is difficult to justify using traditional financial measures, with Morningstar estimating a fair value closer to US$780 billion.

Supporters, however, believe SpaceX’s dominance in launch services, the growth of its Starlink satellite internet business and future opportunities in artificial intelligence and space commercialisation justify premium pricing.

The company is expected to join the Nasdaq 100 under accelerated inclusion rules, which could increase demand from index funds and exchange-traded funds.

Analysts also expect the stock’s arrival to influence investment flows across the broader technology sector as portfolio managers adjust holdings to accommodate one of the world's most valuable listed companies.