The SpaceX IPO went live today, and the space tech giant has already offered a handsome return on its initial IPO price of $135 per share.
The Elon Musk-owned reusable rocket maker traded on Friday, June 12, at a price of $150 per share under the ticker SPCX, which is an 11 percent increase over the original IPO price. However, the opening price is much lower than market expectations of $175 per share. stock.
The company aimed to raise $75 billion by offering 555.6 million shares at a valuation of $1.75 trillion.
At new prices, SpaceX is valued at just under $2 trillion. It has already surpassed Meta and fellow Musk-owned company Tesla and is currently ranked as the sixth most valuable company in the US
Before the company’s market debut, Musk said during an appearance at JPMorgan Chase that SpaceX has been cash flow positive since 2015.
The Californian company claims to be the only one in the world building the infrastructure of the future across space, connectivity and artificial intelligence.
He added that the purpose of going public was to raise funds amid the critical phase of growth as SpaceX plans to expand its Starlink satellite constellation with 100,000 more satellites for communications and building data centers in space.
