SpaceX Just Went Public at $2.1 Trillion. Here's Where History Says the Stock Will Be in 1 Year.
Elon Musk's company closed its first trading session almost 20% above its offering price.
SpaceX Just Went Public at $2.1 Trillion. Here's Where History Says the Stock Will Be in 1 Year.
Overview
The time has finally come. On Friday, Elon Musk's Space Exploration Technologies (NASDAQ: SPCX) -- popularly known as SpaceX -- hit the Nasdaq. While the offering price remained fixed at $135 per share, shares had popped by 25% to about $175 as of 2:30 p.m. ET on the initial public offering (IPO) day. It closed the session at $160.95.
At this point, SpaceX's market capitalization is about $2.1 trillion -- making it one of the most valuable companies in the world. Clearly, retail and institutional investors alike rushed in with overwhelming enthusiasm once the stock hit the public exchanges.
Details
Candidly, this kind of momentum is not uncommon for hot IPO stocks. In SpaceX's case, the day-one surge reflected broad confidence in the company's leadership across space exploration, satellite networks, and the emerging artificial intelligence (AI) business.
Source
Originally published at www.fool.com.
