SpaceX surges past $2 trillion in Nasdaq debut, closes in on Amazon

SpaceX shares surged 19% in their Nasdaq debut on Friday, pushing the company's valuation past $2 trillion and making it the sixth-largest U.S. company. The record-setting $75 billion IPO turned Elon Musk into the world's first trillionaire, despite SpaceX being unprofitable with revenue far below similarly valued tech giants.

SpaceX shares jumped 19% in their Nasdaq debut on Friday, sending the company’s value past $2 trillion to make it the sixth-biggest U.S. company by value and turning Elon Musk into the world’s first trillionaire. Investors jumped at the chance to get a piece of Musk’s sprawling empire spanning rockets, satellites and AI after the record-setting $75 billion IPO. More than 510 million shares worth about $84 billion changed hands, even though SpaceX is currently unprofitable and generated only a fraction of the revenue brought in by similarly valued tech giants.