Will SpaceX Plunge Below $100 Before the End of 2026? History Provides a Decisive Answer.
History has a way of accurately forecasting the future on Wall Street.
Overview
It's turning out to be another banner year for U.S. equities, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite launching to new highs. Though the rise of artificial intelligence (AI) often gets most of the glory, initial public offering (IPO) euphoria also deserves some credit.
On June 12, Elon Musk's AI and space infrastructure conglomerate, Space Exploration Technologies (SpaceX) (NASDAQ: SPCX), cemented itself in Wall Street's record books. SpaceX's debut raised $85.7 billion, including the overallotment for underwriters, which nearly tripled Saudi Aramco's previous IPO capital raise record of $29.4 billion.
Details
For a few days following SpaceX's IPO, it fully lived up to the investor hype and neared a $3 trillion valuation. But as of the closing bell on July 2, Musk's company had "retraced" to a $2.13 trillion market cap. Nevertheless, its $162 share price is a cool 20% above its $135 IPO list price.
Source
Originally published at www.fool.com.