SpaceX shares rise 18% in early trading during historic IPO
This is read by an automated voice.Please report any issues or inconsistencies here.
Shares of SpaceX rose 11% above their IPO price Friday in morning trading on the Nasdaq, as Elon Musk’s rocket company made its public debut.The company sold 555 million shares at $135 and raised $75 million from institutional and retail investors in its initial public offering.Shares, under the ticker SPCX, opened at $150 and rose to about $160 in early trades.The company was valued at $1.77 trillion at its IPO price— immediately making it one of the 10 largest public companies.
With an 11% jump in the price its market cap rose to nearly $2 trillion.The morning rally catapulted Elon Musk into a trillionaire status — the first person to reach that once unheard of status.“It is certainly hard to believe that a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever,” Musk told cheering employees at the company’s Texas headquarters before the market opened.SpaceX President and COO Gwynne Shotwell rang the opening bell on the Nasdaq, where crowds gathered outside.With the shares in high demand, SpaceX could raise even more money.It has granted the nearly two dozen underwriters of the IPO led by Goldman Sachs and Morgan Stanley an additional 83 million shares to sell, which could raise its total take to $86 billion.
Business SpaceX is seeking to sell 555 million shares at $135 each, raising $75 billion and valuing the rocket maker at $1.77 trillion — making it one of the largest public companies.The IPO is easily the largest on record, surpassing the 2019 offering by Saudi Aramco, Saudi Arabia’s state-owned oil giant, which raised $29.4 billion.Demand for the IPO shares was feverish on Wall Street despite concerns by critics that the company was overvalued and skepticism of a governance structure that puts no constraints on Musk.He holds special shares with 10 times the voting power of common shares that put him in cont...