Robinhood said it experienced record-breaking traffic on Friday following SpaceX’s highly anticipated stock market debut.
The trading platform said in a post on X that some users encountered delays and intermittent issues, though services were restored quickly.
“Some customers experienced latency and intermittent issues,” the company said, adding that the platform recovered shortly afterward.
Heavy demand after IPO
SpaceX began trading on the Nasdaq at approximately 11:47 a.m. ET.
The stock immediately gained around 11%, lifting the company’s market valuation above $2 trillion.
The rally also pushed Elon Musk’s estimated wealth above $1 trillion, making him the world’s first trillionaire, according to earlier reports.
Within the first hour of trading:
- About 263 million shares were traded.
- The transactions represented roughly $42 billion worth of SpaceX stock, according to Nasdaq data.
Limited float adds volatility
Only about 4% of SpaceX’s outstanding shares were made available to the public in the IPO.
The relatively small float could lead to significant price swings as the company adjusts to life as a publicly traded business.
TL;DR
Robinhood reported record traffic and brief trading disruptions after SpaceX’s IPO triggered heavy investor activity. SpaceX shares jumped about 11% in early trading, pushing the company’s valuation above $2 trillion.
AI summary
- Robinhood saw record user traffic after SpaceX’s IPO.
- Some users experienced temporary delays.
- SpaceX shares rose around 11% after trading began.
- About 263 million shares changed hands in the first hour.
- Only 4% of SpaceX shares were made available in the offering.
