SpaceX shares rise 11% on Nasdaq debut for market cap just shy of $2 trillion

SpaceX debuted on Nasdaq with an 11% share price rise to $150, pushing its market capitalisation to approximately $1.96 trillion in the world's largest IPO that raised $75 billion. The listing, despite a $5 billion loss in the prior year and a lofty price-to-revenue ratio of 94, is seen as a dress rehearsal for upcoming mega-IPOs of AI firms Anthropic and OpenAI. The stock is expected to be fast-tracked into the Nasdaq 100 within a month, creating significant passive fund demand.