Wall St Ends Higher as SpaceX's Market Debut Dominates
The stock drew heavy trading and closed above its offer price as analysts questioned whether SpaceX can sustain its $2.1 trillion valuation.
- On Friday, June 12, 2026, Space Exploration Technologies debuted on the Nasdaq with trading volume exceeding 500 million shares, pushing its market capitalization over $2.1 trillion.
- With 30% of shares allocated to retail investors, SoFi called the deal "the largest and most subscribed offering on our platform to date," driving early demand from individual buyers.
- Shares opened at $150 and closed at roughly $160, marking nearly 20% above the $135 offering price, while net buying of SpaceX shares totaled $453 million on Friday.
- Analyst concerns persist regarding the massive valuation; Westwood Capital founder Dan Alpert warned that retail interest creates volatility, while Jim Chanos called the elevated valuation nonsensical.
- Long-Term outlooks remain mixed as SpaceX faces heavy spending on research, development, and its Grok AI product, while tiered lock-up expiry after 180 days may allow insiders to sell shares.
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