SpaceX's stock market debut surges 19%, valuing the rocket company at more than $2 trillion（約320兆円） on investor appetite for AI and space technology.

What happened: SpaceX ended its first trading day up 19%, becoming a company worth more than $2 trillion（約320兆円）. The IPO raised $75 billion（約12兆円） in proceeds, more than double Saudi Aramco's 2019 record IPO. The debut also made Elon Musk the first trillionaire ever.

Why it matters: Investors are betting on SpaceX despite the company posting a loss of nearly $5 billion（約8000億円） last year and generating only a fraction of the revenue of similarly valued tech giants. One analyst noted the stock is being driven by excitement about AI rather than SpaceX's fundamentals. Morningstar values the company at around $780 billion（約120兆円）, while CFRA issued a sell rating, indicating meaningful disagreement on price.

What to watch: SpaceX is expected to be fast-tracked into the Nasdaq 100, which will make it a major holding for passive funds and ETFs tracking that index. Upcoming IPOs from Anthropic and OpenAI will test whether market appetite for AI companies remains strong.