SpaceX Wants to Deploy Millions of AI Compute Satellites in Space. Here's How It Plans to Get There.
The company could test investor patience if its grand plan to deploy that vast constellation of data center satellites hits some speed bumps.
SpaceX Wants to Deploy Millions of AI Compute Satellites in Space. Here's How It Plans to Get There.
Overview
Space Exploration Technologies (NASDAQ: SPCX) is in the spotlight for all the right reasons. It just completed the largest initial public offering in history, having raised $75 billion by offering 555 million shares at $135 each plus another $10.7 billion from the underwriters that exercised their options to buy more shares. However, the number of shares available for public trading is still tiny relative to SpaceX's over $2 trillion market cap.
The company's float could increase to as much as 37% in late August. But until then, there's a supply-demand crunch on the stock, which is contributing to its volatility. SpaceX is already down big from its intraday high of $225.64, although as of the close of trading Tuesday, it was still up 4% from its initial trading price of $150 per share.
Details
While long-term investors may not appreciate the volatility or the financial engineering of SpaceX's public market debut, they may be intrigued by the company's bold plans to launch millions of artificial intelligence (AI) data center satellites into orbit.
Source
Originally published at www.fool.com.
