SpaceX (SPCX-Q) jumped 23% in its Nasdaq debut on Friday, as investors piled in to the world’s largest IPO and bet on Elon Musk’s sprawling empire spanning rockets, internet service and AI.

The stock was last trading at US$166 a share after opening for trading at US$150, ⁠making SpaceX ​the sixth-largest U.S. company, with a market value above US$2 trillion.

The company’s debut is widely viewed as a dress rehearsal for a new generation of mega-listings, with market participants watching for signals on investor appetite ahead of forthcoming IPOs for AI heavyweights Anthropic and OpenAI. SpaceX’s stock performance was being closely scrutinized in…