SpaceX shares jump 20% in first full trading day, valuation tops $2 trillion
Shares of Elon Musk's space company SpaceX surged 20% in their first full session after the record IPO, pushing the valuation above $2 trillion. CNBC reports the rally added roughly $528 billion in market value and lifted retail brokers that received initial allocations. The listing ranks as one of the largest US tech IPOs in two decades.
SpaceX shares climbed roughly 20% in their first full session after last week's record IPO, according to CNBC. The move lifted the company's market capitalisation above $2 trillion and added an estimated $528 billion in value.
Demand at the offering was strong enough that most US retail brokers received at least one share for their clients. Updated allocation figures released last week showed the float raised about $10 billion more than initially indicated. CNBC reports Goldman Sachs, JPMorgan and Morgan Stanley led the deal.
Analysts cited falling per-flight launch costs, the Starlink satellite-internet business and a deep pipeline of government contracts as the main pillars supporting the valuation. CNBC also flagged this week's planned launch of SpaceX options contracts as the next milestone for traders positioning around the new listing. None of this constitutes investment advice.
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SpaceX IPO total hits $85.7 billion as underwriters exercise greenshoe option
