Elon Musk’s rocket, AI, and satellite outfit, SpaceX, had the biggest-ever initial public offering in the US on Thursday at $135 per share.

The space firm is now one of the world’s most valuable companies, raising a record $75 billion on its sale of 555.56 million shares. This has valued SpaceX at $1.77 trillion.

The company set aside 30% of shares for retail buyers, a large percentage on the stock market. Just 4% of SpaceX’s shares will be available to the public.

SpaceX will begin trading today on the Nasdaq, where it rank seventh in terms of value. It beats out other tech companies such as Meta and Musks’s Tesla, as well as Berkshire Hathaway and JPMorgan CHASE.

This high ranking is despite the firm losing more money than it made last year and its revenue not yet outpacing its expenditure.

Analysts remain skeptical about the record-breaking valuation. Morningstar researchers say that the valuation, which approaches $2 trillion, would only make sense in a best-case scenario for Musks’ company.

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This would see SpaceX data centre satellites orbiting the earth, making a profit; the firm’s spacecrafts would have to not combust, and be reusable.

This optomistic “moonshot” outcome would require true feats of engineering the likes of which we have yet to see, and are not estimated to see until at least 2028.

Still, with any AI company, the hype has carried the firm a long way. Musk’s international reputation – however one might personally feel about it – certainly does turn heads and gets his firms noticed.