SpaceX completed its initial public offering, marking the largest IPO ever. The company joined the Nasdaq on a fast-track basis after the index adjusted its rules. Founder Elon Musk previously said SpaceX had less than a 10% chance of succeeding when it started.
The IPO's first trading day valued SpaceX at $2.1 trillion. Tracker funds and other institutional buyers provided significant buying pressure on the stock. As a public company, SpaceX now operates under shareholder ownership and faces expectations to demonstrate profitability.