Mark Your Calendar: SpaceX Could Be a Very Different Stock by Halloween
Major changes will happen for SpaceX by Oct. 31.
Mark Your Calendar: SpaceX Could Be a Very Different Stock by Halloween
Overview
The Space Exploration Technologies (NASDAQ: SPCX) initial public offering (IPO) was a major success. Initially, the company (commonly known as SpaceX) targeted a $1.77 trillion valuation, enough to fund a $75 billion capital raise. Today, SpaceX's market cap is closer to $2.5 trillion, with total IPO proceeds ending up at around $86 billion.
Demand for the IPO far outstripped available supply. On June 5, it was reported that underwriters had received orders for twice the amount of shares they were authorized to sell. Actual demand on June 12, the date of the IPO, may have been four times higher than supply.
Details
Part of this had to do with investor appetite for SpaceX stock, which was one of the hottest IPOs in history.
Source
Originally published at www.fool.com.
