computer-science
SpaceX IPO closes up 19% and delivers the world’s first trillionaire
Key takeaways
- Space X lifted off on its first day as a public company, immediately jumping to $150 a share after it began trading on the Nasdaq, around 11% higher than the $135 figure at which it officially priced its IPO on Thursday.
- The stock price reached as high as $176 in midday trading, pushing the company s market capitalization to nearly $2.3 trillion, before ultimately settling 19% higher at $160.95 as markets closed.
- The demand for SpaceX is also a function of its small float, with only about 4% of shares available for public trading, while early investors and employees hold the rest.
Space X lifted off on its first day as a public company, immediately jumping to $150 a share after it began trading on the Nasdaq, around 11% higher than the $135 figure at which it officially priced its IPO on Thursday.
The stock price reached as high as $176 in midday trading, pushing the company s market capitalization to nearly $2.3 trillion, before ultimately settling 19% higher at $160.95 as markets closed.
The stock pop isn’t a surprise. The company’s IPO was oversubscribed by 4x, according to Bloomberg, meaning many institutional investors didn’t receive allocations and are likely buying shares on the open market.
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