(Updates with recent stock movement in first and second paragraph.)
Space Exploration Technologies (SPCX), known as SpaceX, shares continued to climb on its first day of Nasdaq trading, rising more than 29% early afternoon Friday in what is poised to be the world's biggest initial public offering.
The stock opened at $150, after pricing the IPO at $135 a share. The offering is expected to close Monday, according to a statement released Thursday.
The Elon Musk-led rocket and satellite company plans to raise a record $75 billion, targeting a $1.75 trillion valuation, Wedbush Securities said in a note Friday. That would place SpaceX among the 10 most valuable public companies in the US, even more valuable than Musk-led Tesla (TSLA).
Wedbush Securities' Dan Ives had said in the note that if the stock trades at $138 per share, Musk officially becomes a trillionaire.
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.
Price: $175.12, Change: $+40.12, Percent Change: +29.72%