SpaceX IPO Shatters Records
Elon Musk, CEO of SpaceX (NASDAQ: SPCX), has reportedly become the world’s first trillionaire on paper following the company’s historic initial public offering (IPO) on Thursday night, raising $75 billion at an IPO price of $135 per share. The stock began trading on the Nasdaq at approximately 11:45 AM ET today, opening at $150 and soaring to $168 shortly after, which gave the company a market capitalization of $2 trillion, positioning it as the seventh-largest globally.
Demand for SpaceX’s shares was immense, with requests topping $100 billion, although the allocation to retail investors was reduced from an initial target of 30% to the low 20% range. The volatility continued as the stock fluctuated between $156 and $172 per share within the first hour of trading.
Analysts have expressed mixed views on the company’s long-term prospects, with Oppenheimer setting a price target of $190 and Morningstar valuing it at $63. SpaceX currently has two key revenue streams: its dominant launch business and its profitable Starlink satellite communications service. However, the company remains unprofitable overall, raising concerns about governance and the impact of Musk’s focus across multiple ventures.
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