Times Square turned into a focal point for mixed reactions on Friday as SpaceX began trading on the Nasdaq, with a giant exchange screen displaying Elon Musk’s likeness and tourists lining up for selfies. Investors wearing SpaceX T-shirts celebrated gains, news crews sought vantage points, and Musk addressed the moment in a video message, acknowledging the improbability of the company’s success.
In his address, Musk said: "If people had told me this was going to happen, I was like, 'man you must be smoking some really good crack,'" and added, "I gave SpaceX less than a 10% chance of succeeding at all." His remarks framed the listing as a surprising vindication for an endeavor he once regarded as unlikely to succeed.
The public listing has produced a valuation in excess of $2 trillion and elevated Musk to the status of the world’s first trillionaire. Reactions ranged from investor elation to political and public unease about growing inequality, with demonstrations staged in multiple locations and commentary from national politicians.
At SpaceX’s Starbase launch facility on the Texas border with Mexico, fans gathered from across the country in the hope of seeing Musk or witnessing related festivities. One supporter, Lesley Varin of Washington state, arranged stuffed toys around her car bearing handwritten congratulatory signs, including one that read: "Congrats Elon, Big 1st!"
Financial firms were also visible in the celebrations. Shortly after SpaceX began trading, Goldman Sachs posted an image on X showing employees wearing custom SpaceX Nike shoes. Musk posted an image of Morgan Stanley bankers celebrating the public listing. These images underscored the enthusiastic response inside parts of Wall Street to the company’s entry into the public markets.
Yet enthusiasm was matched by criticism and protest. The day before the IPO, a massive effigy of Musk was placed in front of the Nasdaq building; the installation depicted him shirtless and drew attention to allegations connected to sexualized images of minors on Grok, Musk’s AI chatbot. Outside JPMorgan’s headquarters on Friday, demonstrators joined a "Stop Musk" rally that organizers said aimed to disrupt a party hosted by CEO Jamie Dimon for the company. One placard, according to a post on Threads, read: "Send billionaires to Mars."
Senator Elizabeth Warren, who has long focused on wealth inequality, commented on Musk’s new financial status, describing his becoming a trillionaire as a product of a "rigged economy." On X she said: "We are living in a time when more and more people are just hanging on by their fingernails to survive in this economy. Today’s marker should be a wake up call."
Reaction to Musk’s net worth also extended overseas. In Poland, where Musk’s personal wealth now exceeds the nation’s entire GDP, citizens expressed astonishment at the scale of his fortune. Janusz Wojczakowski, an 82-year-old teacher and philosopher, said: "Behind that money goes the imposed will of a person who, frankly speaking, is quite psychologically unusual."
Musk used his video message to pitch SpaceX’s broader vision for commercial space access, saying the company aims to make space travel available to the public and not limited to a handful of astronauts. "We want to take you there, not just a few astronauts. We mean you, literally you," he said, framing the listing as a step toward broader participation in spaceflight.
An early investor who had acquired shares through a family office in 2020 posed for photographs in Times Square with four friends wearing matching SpaceX T-shirts. He told reporters he anticipated a debut price surge as supply constraints on shares met strong retail demand and interest from index funds that track major markets. When asked whether he expected to be among the thousands of millionaires created by the IPO, he responded: "We’ll see ... I’m not counting my chickens."
Embedded within the coverage were promotional materials and investor tools that highlighted the curiosity and commercial attention around the ticker SPCX. One AI-driven product described itself as evaluating SPCX along with thousands of other companies using more than 100 financial metrics, offering stock ideas based on fundamentals, momentum and valuation. The promotional copy noted past winners identified by the tool, listing Super Micro Computer (+185%) and AppLovin (+157%), and invited readers to check if SPCX featured in its strategies.
Summary
SpaceX’s Nasdaq debut, which drives a valuation above $2 trillion and makes Elon Musk a trillionaire, produced scenes of celebration in Times Square and at Starbase while also triggering protests, an effigy and sharp criticism from political figures and members of the public concerned about inequality and content moderation tied to Musk’s platforms.
Key points
- SpaceX began trading on the Nasdaq with a valuation exceeding $2 trillion, creating widespread investor excitement in public locations such as Times Square and Starbase.
- Public and political backlash accompanied celebrations, including a large effigy highlighting concerns over sexualized images of minors linked to Grok, Musk’s AI chatbot, and protests outside financial institutions.
- Major financial firms and internal employees were visible in celebratory posts and images, while retail investors and index funds were cited as sources of demand for SPCX shares.
Risks and uncertainties
- Public opposition and protests - including demonstrations outside major banks and the placement of a large effigy - reflect reputational and political risks that could affect wider market sentiment around the company and associated financial institutions.
- Concerns tied to content moderation on platforms associated with Musk - specifically references to sexualized images of minors on Grok - represent regulatory and reputational uncertainties that could draw scrutiny from policymakers and the public.
- Concentration of wealth and political criticism, highlighted by comments from Senator Elizabeth Warren, underscore ongoing social and political debates over inequality that may influence investor perceptions and public policy discussions.
Tags: SpaceX, IPO, Musk, Markets, Protests