SpaceX closes up nearly 20% in market debut, but faces an Asia problem

Limited penetration of Starlink and AI in the region raises questions over lofty valuation

In addition to making two of its flagship products work, SpaceX's future growth also hinges on Asia, a market it has only started to tap. © Reuters

PALO ALTO, California -- Shares in Elon Musk’s SpaceX closed up 19.2% in their first day of trading on Friday on Nasdaq, following a blockbuster IPO that priced its stock at $135 apiece and gave the company a roughly $1.75 trillion valuation. It has also fueled Musk to become the first trillionaire in the world.