SpaceX lifted off on its first day as a public company, immediately jumping to $150 a share after it began trading on the Nasdaq, around 11% higher than the $135 figure at which it officially priced its IPO on Thursday.

The stock price reached as high as $176 in midday trading, pushing the company’s market capitalization to nearly $2.3 trillion, before ultimately settling 19% higher at $160.95 as markets closed.

The stock pop isn’t a surprise. The company’s IPO was oversubscribed by 4x, according to Bloomberg, meaning many institutional investors didn’t receive allocations and are likely buying shares on the open market.

The demand for SpaceX is also a function of its small float, with only about 4% of shares…