SpaceX shares rose sharply when trading opened on the Nasdaq, with reports putting the stock’s first-day gain in the high 20% range.
Multiple outlets said the move lifted the private space company’s market value above $2 trillion after a record IPO.
CNBC reported that Elon Musk’s stake in SpaceX was valued at more than $766 billion, and said that when combined with his Tesla holdings, his net worth was about $1.05 trillion.
Reports also said the debut weighed on shares of rival space companies, which moved lower after SpaceX’s strong opening.