John Ruich

John Rewich, NPR News.

Wait, this is true?

SpaceX broke records with its IPO, raising $75 billion.

And when the shares traded on the Nasdaq, demand was strong.

The stock opened up 11 percent from the IPO price and ended the day up more than 19 percent, making SpaceX one of the biggest companies on Earth by market cap.

Some experts say it's overvalued, though.

The company has a unique toehold in rocketry and satellite communications, and it's also involved in artificial intelligence.

But it lost $5 billion last year and another $4 billion in the first quarter of this year.

SpaceX doesn't lack for ambition.

It wants to put people on Mars.

But its path to profitability is unclear.

John Rewich, NPR News.

The previous record holder for the biggest IPO was the Saudi oil company Saudi Aramco.

It raised nearly $30 billion when it listed in 2019.

SpaceX will more than double that with a $75 billion payload.

The company has confirmed that it will sell more than 555 million shares at $135 each.

SpaceX has big plans for spending the money to grow its rocket, satellite communications, and artificial intelligence businesses.

The listing will open SpaceX up to a new level of scrutiny, though, because it'll have to publish quarterly and annual financial reports.

Some analysts say investing in SpaceX is a bet on Elon Musk, who will be firmly in control.

He is CEO, board chairman, and holds more than 80% of voting power among shareholders.