SpaceX makes $1.77tn stock market debut with Elon Musk likely to become world’s first trillionaire today – business live

SpaceX executives have rung the Nasdaq opening bell after a record-breaking initial public offering which values Elon Musk’s company at $1.77tn in share offering

SpaceX to list on US stock market at $1.77tn valuation in largest ever debut

SpaceX’s shares will be supported by a number of “forced buyers”, such as tracker funds.

Richard Hunter, head of markets at interactive investor, explains:

The Nasdaq index has tweaked its rules, which has allowed SpaceX to join the index on a fast-track basis. It remains to be seen whether the company will have a disproportionate effect on the index in terms of weighting, but in any event its inclusion guarantees some additional and significant buying pressure.