SpaceX’s IPO launched today and the space tech giant has already delivered a handsome return on its initial IPO price of $135 per share.
The Elon Musk-owned reusable rocket maker went public on Friday, June 12 at a price of $150 per share under the ticker SPCX, an 11% increase from its initial IPO price. However, the opening price is well below market expectations of $175 per share.
The company aimed to raise $75 billion by offering 555.6 million shares at a valuation of $1.75 trillion.
With the new pricing, SpaceX is valued at just under $2 trillion. It has already surpassed Meta and another Musk-owned company, Tesla, and is currently ranked as the sixth most valuable company in the United States.
Ahead of the company’s market debut, Musk said during an appearance at JPMorgan Chase that SpaceX has been cash flow positive since 2015.
The Californian company claims to be the only one in the world building the infrastructure of the future in the areas of space, connectivity and AI.
He added that the goal of this IPO was to raise funds in the midst of the critical growth phase, as SpaceX plans to expand its Starlink satellite constellation with 100,000 additional satellites for communication and building data centers in space.
