Rocket and data center business SpaceX has gone public on the Nasdaq.

Shares in the company quickly jumped 20 percent at IPO, already the world's largest public listing. The increase brought the company's market cap above two trillion dollars.

Founder and CEO Elon Musk's 38 percent stake in SpaceX is now worth around $800bn. Combined with his Tesla stake, worth around $165bn at more than 10 percent, stakes in Neuralink, the Boring Company, and other investments, Musk has become the world's first trillionaire.

Musk's rocket business, which merged with xAI, plans to deploy 'data centers' in space. The company has filed to launch up to a million compute satellites, with the company detailing the proposed AI1 satellite design earlier this month.

SpaceX COO Gwynne Shotwell said the first AI1 units would launch in late 2027, but that the company intends to put compute on its Starlink broadband and Starlink mobile satellites prior to the AI1’s debut.

The AI data center proposal has seen numerous criticisms, while the SpaceX IPO has been more broadly critiqued for its high valuation of a primarily loss-making business.

Analysts at Morningstar believe that SpaceX is overvalued by 114 percent over its IPO price.