finance
SpaceX Shares Open at $248 on Nasdaq Debut
SpaceX shares opened at approximately $248 after the company sold $75 billion in stock at $191 per share. The listing values the company above $2 trillion and ranks it among the largest U.S. public companies.
Jun 12, 11:23 AM·1m read4 sources
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The Sydney Morning HeraldAudio version
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SpaceX began trading on the Nasdaq on Friday after selling $75 billion in shares at $191 each. Indicated opening prices reached about $248, a 30 percent increase from the IPO price. The company sold the shares at a valuation of $1.77 trillion. Market participants prepared for high trading volumes, with shares expected to begin trading around midday after order collection.
Exchanges and market makers took steps to prevent the technical issues that occurred during Meta's 2012 debut. Underwriters delayed the start of trading to balance supply and demand. SpaceX President Gwynne Shotwell and Chief Financial Officer Bret Johnsen rang the Nasdaq opening bell at 9:30 a.m. New York time.
SpaceX reported a loss of nearly $5 billion last year.
The company generated revenue below that of other firms with similar market values. He said the aim is to take people to the moon, Mars, and beyond. The listing serves as an early indicator of investor interest ahead of planned IPOs for other large technology companies.
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