Space Exploration Technologies Corp. (SPCX) is indicating an opening price of $174 per share Friday morning, according to data compiled by the MarketDash platform, as the most anticipated public offering in history begins trading on the Nasdaq Global Select Market. That's a nearly 29% premium to its $135 IPO price.

Indicative Opening Price

The $174 figure reflects a process called price indication, in which the exchange's designated market maker publishes a real-time Indicative Opening Price, or IOP, derived from live order book demand before the first trade executes.

The IOP updates continuously until the opening bell triggers an actual transaction, with hours likely until the stock is ready to trade.

Largest IPO Ever

SpaceX priced its IPO at a fixed $135 per share on Thursday, raising $75 billion across 555.6 million Class A shares — the largest capital raise in IPO history, more than doubling Saudi Aramco's 2019 record.

The deal values SpaceX at roughly $1.77 trillion, making it the seventh-largest U.S. company at listing, ahead of Tesla Inc. (TSLA).

Goldman Sachs Group Inc. (GS) leads the underwriting syndicate, with Morgan Stanley (MS), Bank of America (BAC), Citigroup Inc. (C), and JPMorgan Chase & Co. (JPM) serving as additional lead bookrunners across a 21-bank syndicate. Morgan Stanley is acting as the stabilization agent.

Reuters reported that the offering was roughly four times oversubscribed, with total demand reportedly topping $250 billion.

Underwriters also hold a 30-day greenshoe option on an additional 83.3 million shares at $135, potentially pushing total proceeds to $86.25 billion.

The $135 fixed price was set without a traditional range — an unconventional move signaling CEO Elon Musk's confidence in demand.

If SPCX opens near $174, the first-day pop would add roughly $215 billion in market cap in a single session.