Why did SPCX move on Jun 12, 2026?

SpaceX ($SPCX) surged 11% on its highly anticipated market debut, opening at $150 per share—an 11% premium over its $135 IPO price [5][6][9]. The stock quickly extended its gains to over $163 in the minutes following the open [4][5][6], fueled by massive retail demand [23] and excitement surrounding the company's $1.96 trillion valuation, which solidified CEO Elon Musk's status as the world's first trillionaire [8][10][11][12].