Robinhood experienced record-breaking traffic Friday as SpaceX shares began trading on Nasdaq, prompting intermittent latency issues for some customers before the platform recovered. The financial technology company confirmed the disruptions via an X post, noting that essential systems were restored and teams were monitoring the situation closely. The debut of Elon Musk's aerospace company drew massive retail interest, with Robinhood reporting platform strain due to the surge in activity.

SpaceX shares closed up 19.22% on their first trading day at $160.95, pushing the company's market capitalization past $2 trillion. This valuation milestone made Musk the world's first trillionaire, according to Nasdaq data. The company made only about 4% of its shares available for trading in the initial public offering, a factor contributing to the stock's volatility as it began public trading.

The market euphoria surrounding the SpaceX listing lifted related equities, including Powerlaw Corp., a closed-end fund holding SpaceX as its largest position at roughly 19% of its net assets. Powerlaw shares surged in pre-market trading following the debut. Analysts suggest the landmark listing could accelerate AI equity offerings, with companies like Anthropic potentially speeding up their IPO timelines and major tech firms using favorable conditions to fund AI buildouts.

Robinhood, which benefited from the trading frenzy, has a market capitalization of $83.92 billion. The stock closed the regular session on Friday at $93.19, up 1.04%. Over the past 12 months, Robinhood shares have gained 28.36%, though they are down 19.11% year to date. The stock is currently positioned close to its annual low of $63.52, with a 52-week high of $153.86.

The family of Rep. Lisa McClain (R-Mich.) could be sitting on a paper gain of as much as $150,000 after an investment in Elon Musk’s artificial intelligence startup xAI became linked to SpaceX. The potential gain follows SpaceX’s record-setting public debut, which pushed the company’s valuation above $2 trillion. The development has renewed scrutiny over congressional trading disclosures and the timing of financial transactions by lawmakers.

Investment Details and Valuation

Rep. McClain disclosed in January that her husband purchased between $100,001 and $250,000 worth of xAI shares in December. The investment became linked to the aerospace company after Musk folded xAI into SpaceX in February. Market estimates reported by CNBC suggest the family’s stake could now show a paper gain of as much as $150,000 following the IPO.

A spokesperson for McClain stated that the investments are a matter of public record and were made in compliance with applicable disclosure requirements. Shares of SPCX closed Friday at $160.95, up 19.22% for the day, and rose another 3.67% in after-hours trading to $166.85.

Pentagon Contracts and Timing

The timing of the investment has attracted attention because it occurred shortly before the Defense Department announced plans to integrate xAI’s Grok models into GenAI.mil, a platform for military personnel. Defense Secretary Pete Hegseth later expanded Grok’s role within the Pentagon, including its use on classified networks. Weeks later, Musk combined xAI and SpaceX.

There is no evidence that McClain or her husband had advance knowledge of the Pentagon initiatives or traded using nonpublic information. McClain has publicly stated she can “100% assure” that the family did not possess insider information.

Disclosure Scrutiny

The situation emerges as McClain faces continued scrutiny over financial disclosures. Data compiled by Capitol Trades shows she has reported more than 1,400 household transactions during the past three years. Last year, reports indicated that hundreds of trades made by her husband were disclosed after required deadlines, potentially violating the STOCK Act. The latest gains tied to SpaceX are likely to add momentum to bipartisan efforts seeking stricter limits on congressional stock trading.