Could this IPO make Elon Musk the world’s first trillionaire, while shaking everyone else’s portfolio?

Dubai: SpaceX begins trading on Friday after raising $75 billion in the biggest initial public offering in history, setting up a market debut that could reshape investor portfolios and test demand for one of the world’s most closely watched companies.

The rocket, satellite and artificial intelligence company priced its shares at $135, giving it a valuation of about $1.77 trillion. The IPO is more than triple the size of Alibaba’s $22 billion listing in 2014, which had been the largest US IPO to date.

The stock will trade on the New York Stock Exchange under the ticker SPCX, with investor demand already pointing to a volatile first session.

“All attention on Friday will be on the listing of the biggest IPO in history, SpaceX, under the ticker SPCX on the NYSE," said Vijay Valecha, Chief Investment Officer at Century Financial.

Early indications from shadow markets point to a possible first-day jump of at least 35% from the offer price, while the IPO was reportedly more than four times oversubscribed.

Retail investors are expected to be a major force in trading, after demand from that group crossed $100 billion. Much of that demand is unlikely to have been fully met through the IPO allocation, meaning some investors may try to buy shares in the open market.

Index-tracking funds could also add support, with Bloomberg Intelligence estimating that fast-track inclusion in benchmark gauges may trigger as much as $6 billion in forced buying.

That combination of a small public float, high retail interest and institutional demand could make the first trading day unusually volatile. SpaceX is expected to have roughly 4.2% of its outstanding shares available to trade on day one.

The size of the deal has also raised concerns that money flowing into SpaceX could be pulled from other parts of the market.

Nigel Green, CEO of deVere Group, warned that the listing could drain liquidity and force investors to rebalance portfolios.

“This is a watershed moment for global markets.

“SpaceX is pulling in an extraordinary amount of capital and investors everywhere need to understand the consequences.

“Money is about to be sucked towards one company on a scale we’ve never seen before.

“Capital has to come from somewhere. Funds will be sold, positions will be cut, and portfolios will be reshaped.

“Investors are focused on the excitement. Far fewer are talking about the liquidity vacuum that can emerge around a deal of this magnitude.”

The warning comes at a time when major technology and artificial intelligence companies are already competing for enormous pools of capital.

Green said the IPO could trigger selling elsewhere as investors free up funds to buy SpaceX.

“This has the potential to trigger a meaningful rotation across markets.

“We could see investors selling yesterday’s winners to fund tomorrow’s opportunity. This can happen quickly and it can be brutal.

“Many investors have become accustomed to a market that keeps climbing. A transaction of this size can disrupt that rhythm.”

The IPO could also push Elon Musk closer to becoming the world’s first trillionaire. His fortune was estimated at about $970 billion as of Thursday, according to the Bloomberg Billionaires Index.

Musk’s profile has added to the excitement around the listing, but analysts warn that brand power does not remove market risk.

“Musk has become the defining entrepreneur of his generation. His ability to attract capital is unmatched. But market gravity still exists,” Green said.

“The level of demand is staggering, but investors should be careful not to confuse popularity with certainty.

“Crowded trades can become volatile trades very quickly.

“History is full of examples where investors rushed into landmark IPOs believing the only direction was up. Markets rarely reward that kind of complacency.”

He also cautioned retail investors against buying purely because of hype.

“Many of the people buying today are entering at the precise moment early investors are securing an exit.

“There's a tendency to assume that because a company has been a phenomenal private-market success, the public-market journey will be equally smooth. Reality is often far messier.”

“FOMO [fear of missing out] has emptied more wallets than almost any market correction.”

The IPO is also expected to give public market investors a new benchmark for the space economy, which has expanded beyond rockets and satellites into defence, communications, Earth observation, climate data and critical infrastructure.

“A SpaceX IPO is a landmark moment for the space economy. More than simply attracting additional venture capital, it would further establish space as a mainstream investment category and provide public market investors with a highly visible benchmark for the sector's potential," SAID Mark Boggett, CEO of Seraphim Space. “We would expect a listing to increase interest from a broader range of investors, including generalist venture capital firms that may previously have had limited exposure to the sector. Historically, category-defining companies have drawn new investors into adjacent parts of their ecosystems as they seek exposure to the next generation of growth opportunities.”

Boggett said SpaceX may draw attention to companies operating beyond launch and connectivity.

“Importantly, while SpaceX is an exceptional company, it also highlights the breadth of the opportunity beyond launch. The space economy increasingly encompasses critical infrastructure spanning defence and security applications. communications, Earth observation, navigation, energy, and climate intelligence. While launch and connectivity currently capture much of the public attention, a significant proportion of future value creation is likely to occur in the applications, intelligence, and infrastructure layers. In our view, a SpaceX IPO would shine a spotlight on this wider ecosystem and help accelerate capital flows towards the next generation of category-leading SpaceTech companies.”

The first session will decide whether SpaceX can match the scale of its IPO with a strong public market debut.

A surge would strengthen investor appetite for other large technology listings, including possible offerings from artificial intelligence companies such as Anthropic and OpenAI. A weak debut would raise questions about whether even the most anticipated private companies can sustain public market enthusiasm at trillion-dollar valuations.

SpaceX still faces scrutiny over its losses, governance structure and dependence on Musk’s leadership. The company recorded a net loss of $4.28 billion in the first quarter of 2026, while its governance regime gives Musk near-total control.

Green said the long-term innovation case remains strong, but investors should separate that from first-day excitement.

“This IPO could become the defining market event of the decade.

“As such, it will create winners and losers. It’ll move capital around the world at breathtaking speed.

“The danger for investors is getting caught up in the spectacle and forgetting the fundamentals.

“SpaceX may be heading for the stars, but investors still need to keep their feet firmly on the ground.”

- With inputs from Bloomberg.