SpaceX (NASDAQ:SPCX) shares rose 17% to $187.70 on Monday, the first full day of trading following the company's record-breaking initial public offering on Friday, when the stock closed at $161.11, pushing its market capitalization above US$2.2 trillion and placing it among the six largest companies in the world.
The gain puts SpaceX (NASDAQ:SPCX) roughly US$400 billion shy of overtaking its nearest rival, which carries a market cap of nearly US$2.7 trillion.
The company also said Monday it has exercised the IPO's over-allotment option, allowing underwriters to sell an additional 83.3 million shares. The so-called greenshoe increases total proceeds to US$86.2 billion, or US$85.7 billion net of US$500 million in underwriting expenses listed in the prospectus.
Wedbush analyst Dan Ives said the debut represented a positive outcome for the broader technology sector, calling it a "Goldilocks" result after weeks of investor concern that the high-profile offering would drain capital from chip stocks and AI-related names.
"We view the IPO of SpaceX coming out of the gates on Friday as a 'Goldilocks outcome' for the tech sector as the reception of the pricing of SpaceX was solid and importantly the rest of the tech sector held up well," Ives said in a note to clients, adding that recent sell-offs in semiconductor stocks over the prior seven to ten days appeared partly linked to pre-IPO repositioning.
Ives said the strong debut is also a constructive signal for OpenAI and Anthropic, both of which he expects to pursue IPOs before the end of the year. He framed SpaceX going public as a watershed moment for the AI industry, arguing that as large private technology companies access public capital markets, investment into AI infrastructure will accelerate across energy, hardware, and software supply chains.
"The AI Revolution is still in the third inning and investors are still underestimating the scale and scope of this spending cycle," Ives said. He added that cloud growth for Microsoft Azure and Amazon Web Services remains underestimated by Wall Street, and that enterprise AI adoption is beginning to translate into concrete use-case deployments heading into the second half of 2026.
On the question of where value will concentrate as frontier AI models converge in quality, Ives argued the advantage shifts from the model layer toward data orchestration, identifying Palantir, Snowflake, Datadog, and Innodata as core beneficiaries.
