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The satellite and rocket company’s quick $25 billion borrowing move signals how it plans to finance scale after going public.

A Nasdaq opening pop turns SpaceX into a public company overnight, forcing new money questions fast.

First-day trading for the aerospace and AI company turned an unprecedented IPO into a $2tn-style market reckoning for public-market readiness.

The IPO lands on Nasdaq as critics question Musk’s near-absolute ownership, and the filings force boards to look hard.