Uday Kotak, the founder and non‑executive director of Kotak Mahindra Bank, praised the blockbuster SpaceX initial public offering (IPO) on X, calling the debut a true test for capitalism and commending trillionaire businessman Elon Musk for achieving a feat born of immigrant ambition and imagination.

“SpaceX IPO, listing, and beyond, is a true test for capitalism,” Kotak wrote on X on Saturday morning (June 12). “The valuation does not fit any traditional matrix and is a huge bet on the future course of planet earth. Only time will tell whether we, the human race, have arrived into the fairy tale world we grew up in as children, or are in a mega bubble. Either ways, kudos to the man who came as an immigrant, and to the country that has allowed such boundless creativity to flourish despite all the risks it embeds,” he added.

All you need to know about SpaceX IPO

SpaceX has officially made its blockbuster debut on the Nasdaq under the ticker SPCX, marking the largest initial public offering in stock market history. The company priced 556 million shares at $135 each, raising approximately $75 billion—nearly three times the size of Saudi Aramco’s 2019 listing, which raised just under $30 billion. The IPO officially priced on June 11, 2026 at a valuation of approximately $1.77 trillion (later surpassing $2 trillion), making it the highest-valued IPO ever and pushing SpaceX to become the sixth-largest publicly traded company in the United States, trailing only Nvidia, Alphabet, Apple, Microsoft and Amazon.

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On its first trading day, SpaceX shares opened at roughly $150 and climbed as high as $165–$176.52, closing first-day trading up approximately 19% above the IPO price. The surge in stock price propelled founder Elon Musk to become the world’s first trillionaire, with his estimated wealth now exceeding $1 trillion—largely tied to his holdings and stock options in SpaceX and Tesla. Underwriters spearheaded by Goldman Sachs and Morgan Stanley hold an overallotment provision (greenshoe) for an extra 83.3 million shares at $135 to help stabilize the stock amid exceptionally high demand.

SpaceX confidentially filed for the IPO with the SEC on April 1, 2026, filed its prospectus (S-1) by late May, and conducted its roadshow in early June, with the IPO landing between June 18–30 as projected. The offering is being viewed as a catalyst for a new wave of major technology listings and represents a massive bet on the future of space exploration, satellite internet, and commercial aerospace.

SpaceX’s record IPO and Elon Musk’s milestone

The comments came after SpaceX — the aerospace manufacturer and space‑transportation company founded by Elon Musk in 2002 — made a historic Nasdaq debut that valued the company at roughly USD 2 trillion, the largest IPO on record.

SpaceX priced 556 million shares at USD 135 each in an offering that raised about USD 75 billion. Shares opened near USD 150 and climbed as high as USD 165 during trading, roughly 22 percent above the IPO price, pushing the company’s market capitalisation past the USD 2 trillion mark.

Elon Musk became the world’s first trillionaire following the listing, as the surge in SpaceX’s stock vaulted his net worth past USD 1 trillion. Musk marked the milestone by ringing the Nasdaq opening bell at SpaceX headquarters in Texas. A large portion of his fortune remains tied to his holdings and stock options in SpaceX and Tesla.

Valuation, novelty and debate

Uday Kotak’s remark that SpaceX’s valuation “does not fit any traditional matrix” echoed a broader market debate: the IPO was both a demonstration of extraordinary investor appetite for frontier technology and a wager on long‑term outcomes that defy conventional valuation models.

Observers noted the offering’s scale — nearly three times larger than the 2019 IPO of Saudi Aramco, previously the largest — and its symbolic role as a potential catalyst for a new wave of major tech listings.

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“Kudos to the man who came as an immigrant,” Kotak further added, highlighting the narrative of entrepreneurship and innovation that accompanied the listing. He also warned of the possibility that the event could be a “mega bubble,” a view shared by some commentators who caution that lofty valuations rest on assumptions about future markets, commercial viability and regulatory landscapes.

SpaceX’s USD 2 trillion valuation places it among the world’s largest publicly traded companies by market capitalisation, trailing only a handful of tech giants. Commentators drew attention to the scale of Musk’s personal fortune — reported to exceed the combined wealth of several other leading tech founders — and to comparisons between his net worth and the GDPs of medium‑sized countries.

Kotak’s statement frames the IPO as a flashpoint for questions about capitalism, risk, and the rewards of bold entrepreneurial visions. By applauding both Musk and the country that enabled SpaceX’s growth, Kotak underscored the interplay between individual ambition and institutional environments that foster large‑scale innovation.