economy
SpaceX market cap tops $2 trillion after shares of Elon Musk's rocket company gain 19% on debut
SpaceX shares soared on Friday as trading commenced on the Nasdaq.
TL;DR
- SpaceX's market valuation exceeded $2 trillion following its IPO on the Nasdaq.
- The company's stock price increased by more than 19% on its debut day, reaching $160.95 per share.
- Over 500 million shares of SpaceX were traded during its first session, marking a significant IPO volume.
- Elon Musk became the first trillionaire on record due to the IPO's success.
- Other space industry stocks, such as Redwire and Rocket Lab, experienced declines as investor focus shifted to SpaceX.
- Retail traders showed strong interest in SpaceX's IPO, with the stock being the most-bought by this group on Friday.
- Goldman Sachs, a lead bookrunner for the IPO, saw its stock climb following the transaction.
- SpaceX Operations Chief Gwynne Shotwell indicated that going public felt like the right time.