Robinhood sees ‘record-breaking’ traffic after SpaceX stock debuts

Following the highly anticipated public debut of SpaceX, Robinhood reported an unprecedented surge in activity on its trading platform. The trading frenzy occurred on Friday shortly after SpaceX's shares were made available on the Nasdaq exchange. In a statement shared on X, Robinhood acknowledged that some users faced latency issues and intermittent disruptions while trading. However, the platform was able to recover swiftly from these challenges. SpaceX's shares began trading at approximately 11:47 a.m. ET, initially climbing by around 11%, which catapulted the company's valuation to over $2 trillion and positioned Elon Musk as the first trillionaire in history. Within the first hour of trading, approximately 263 million shares exchanged hands, equating to about $42 billion in transactions. Notably, SpaceX had limited the availability of its shares to just 4% for the initial public offering, setting the stage for significant volatility as it transitions into the public market.