SpaceX Shares Close 19% Higher After Historic $75 Billion IPO

SpaceX’s first day on the stock market transformed the startup into one of the world’s most-valuable public companies, handed buyers of the IPO a 19% return and turned its founder Elon Musk into the world’s first trillionaire.

Yet the record-breaking $75 billion offering also accomplished something else: It allowed for a sigh of relief, not only for backers of Musk’s company but for an entire stock market that has been driven higher this year on optimism about the growth potential for artificial intelligence.

SpaceX’s embrace of AI with the acquisition of Musk’s xAI in February made the listing somewhat ...