Traders torn about SpaceX's future after dominant stock-market debut

Watching SpaceX's IPO debut, the author drew a parallel to a young LeBron James — anointed as the next big thing who lived up to and even exceeded expectations. SpaceX arrived with similar hype, touting ambitions of colonizing Mars and attracting intense investor interest despite not being profitable.

The stock opened under pressure in the morning but still debuted 11% higher, climbed to an intraday high of 31%, and ultimately closed with a 19% first-day gain, leaving it among the 10 most valuable companies on earth. Retail reaction was split. Some traders praised SpaceX’s effective monopoly on rockets and the potential for space-based data centers, while others warned they wouldn’t touch the stock "with a ten foot pole" or feared it could be a new "Hindenburg." Institutional voices were divided as well.

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