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SpaceX Jumps 21% as Blockbuster Debut Pushes Market Valuation Above $2 Trillion

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SpaceX Jumps 21% as Blockbuster Debut Pushes Market Valuation Above $2 Trillion

Shares of Space Exploration Technologies (SPCX) were rallying 21% on Friday as Elon Musk's rocket and satellite company debuted on the Nasdaq in what is poised to be the world's biggest initial public offering ever.

SpaceX, which the company is widely known as, opened trade at $150 and moved as high as $168.75, having priced its IPO at $135.

Its shares were last trading at $163.21, up 21% from the IPO price.

The rally pushed SpaceX above a $2 trillion market capitalization, placing it among the 10 most valuable public companies in the US, even more valuable than Musk-led Tesla (TSLA).

The IPO, which would raise a record $75 billion, is expected to close on Monday, according to a company statement released Thursday. SpaceX granted the underwriters a 30-day option to buy up to an additional 83.3 million class A shares at the IPO price.

The IPO drew more than $350 billion in orders from institutions and retail investors, with the former accounting for over $250 billion, Bloomberg News reported Friday, citing people familiar with the matter.

BlackRock (BLK) had placed an order to buy at least $5 billion worth of SpaceX shares, The Wall Street Journal reported Thursday, citing people familiar with the matter.

Investor excitement ahead of the SpaceX IPO seemed to have caused a stir in the market, Wedbush Securities said in a note on Friday.

"We have already started to see SpaceX impact the entire (technology) market with many investors selling existing tech stocks to make strategic bets on the SpaceX IPO," Wedbush analyst Dan Ives wrote. "We also believe the SpaceX anticipation has caused some added volatility in the market especially in the tech sector as traders/investors anticipate the ripple impact of this historical IPO."

The listing makes Musk the world's first trillionaire, Reuters reported.

Price: $162.83, Change: $+27.83, Percent Change: +20.61%

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