SpaceX shares began trading at $150 on the Nasdaq Friday and quickly vaulted the company past a $2 trillion valuation.

The stock climbed further, beyond $160 shortly after the opening, lifting Elon Musk’s rocket and satellite firm above the $2 trillion threshold, according to CNBC. The same report said SpaceX is now worth more than Tesla, Musk’s automaker, which carried a market capitalization near $1.2 trillion early Friday.

The debut followed the largest stock offering ever recorded. SpaceX priced its shares at $135 on Thursday and sold 556 million of them to investors, pulling in $75 billion, according to CNN Business. The network noted the offering itself happened Thursday, a day before any public trading. Friday’s $150 open ran about 11 percent above the pricing. (RELATED: Elon Musk On Track To Be World’s First Trillionaire After Latest Move)

That surge handed Musk a milestone no one had reached before. The rally pushed his net worth above $1 trillion and made him the world’s first trillionaire, according to CNN Business. Musk founded the company in 2002 and holds roughly 85 percent of its shareholder voting power as chairman and chief executive.

Liftoff! First $SPCX trade complete 🚀

— SpaceX (@SpaceX) June 12, 2026

Musk has said the fresh capital will fund an aggressive expansion. He told a JPMorgan Chase livestream that he wants to put more than 100,000 satellites into orbit and build artificial intelligence data centers in space, according to CNBC.

Starlink, the satellite internet arm, remains the only profitable piece, and the prospectus disclosed an accumulated deficit of $41.3 billion since the company’s 2002 founding, according to CNBC.

SpaceX folded an AI operation into its portfolio earlier this year. It acquired Musk’s startup xAI in February 2026, gaining the Grok chatbot and the social network X, according to CNBC.

Rival space stocks sank as SpaceX arrived. Firefly Aerospace, Rocket Lab, Redwire and Virgin Galactic all dropped during the session, according to CNBC.