SpaceX Builds on Debut Rally With Further Gains After Record IPO

SpaceXshares jumped in premarket trading Monday, after its blockbuster debut Friday vaulted it into the ranks of the world’s most valuable public companies.

The shares climbed as much as 7.7% to $173.30, on track to extend Friday’s 19% gain. That had given the company a market value of more than $2 trillion at the close last week, following its record $75 billion initial public offering.

The performance helped bolster confidence in the artificial intelligence rally, following SpaceX’s embrace of AI earlier this year with the acquisition of Musk’s xAI. It also boosted the IPO prospects of Anthropic PBC and ...