Elon Musk’s SpaceX (NASDAQ:SPCX) is indicated to open 30% higher on its Friday’s debut in what will be a blockbuster opening for the world’s biggest IPO.
According to early data from Nasdaq the stock is expected to open at $175 that will give the the company a valuation of nearly $2.29 trillion. The company on Thursday said that it sold 555.56 million shares at $135 per share and valued the rocket and spacecraft manufacturer at a whopping $1.77 trillion.
Shares in other space companies, such as AST SpaceMobile, Viasat, and Rocket Lab, dipped in early trading as investors awaited SpaceX’s the market debut.
The company’s valuation has already exceeded that of JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms, and Musk’s Tesla. The optimism around the stock is high despite SpaceX reporting a loss last year and generating revenue that is substantially lower than other mega-cap companies.
The previous largest IPO was Saudi Aramco’s December 2019 offering, which raised $25.6 billion at a $1.71 trillion valuation. In inflation-adjusted terms, Aramco raised $33.2 billion at a $2.21 trillion value.
Founded in 2002, SpaceX says that its mission is "to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars."
source https://www.investing.com/news/stock-market-news/spacex-breaks-wall-street-as-record-ipo-values-company-at-177-trillion-4738222
