Shares of Elon Musk's SpaceX (SPCX) rallied 19% on Friday as the rocket and satellite company debuted on the Nasdaq in what is poised to be the world's biggest initial public offering.
Space Exploration Technologies, widely known as SpaceX, opened trading at $150, after pricing the IPO at $135. The offering is expected to close on Monday, according to a company statement released Thursday.
It plans to raise a record $75 billion, targeting a $1.75 trillion valuation, Wedbush Securities said in a note on Friday. That would place SpaceX among the 10 most valuable public companies in the US, even more valuable than Musk-led Tesla (TSLA).
SpaceX granted the underwriters a 30-day option to buy up to an additional 83.3 million class A shares at the IPO price.
Musk's SpaceX position is worth about $866 billion, according to a Reuters report.
If the stock trades at $138 per share, Musk officially becomes a trillionaire, Wedbush's Dan Ives said.
Price: $168.00, Change: $+33.00, Percent Change: +24.44%