SpaceX IPO Surges 19% on Debut; Tesla Recovers to Close 2% Higher on Friday

According to reports on Friday (June 12), SpaceX IPO (ticker SPCX) opened at $150, representing an 11% premium to the offering price, and climbed as much as 30% in early trading, closing its first day up 19% with a peak market capitalization exceeding $2.2 trillion. Elon Musk briefly became the world's richest person as a result. Tesla shares, initially under pressure intraday, recovered to close 2% higher.

SpaceX President Gwynne Shotwell on Friday neither confirmed nor denied potential merger speculation with Tesla, noting there are "synergies" between the two companies. However, Gary Black of The Future Fund argued the IPO debut would likely weigh on Tesla shares in the near term, suggesting investor capital flows toward the newly listed company.