SpaceX’s initial public offering launched today and the space technology giant has already offered an attractive return on its initial public offering price of $135 per share.
The reusable rocket maker, owned by Elon Musk, began trading on Friday, June 12 at a price of $150 per share under the symbol SPCX, an 11 percent increase from its initial public offering price. However, the opening price is much lower than 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.
At the new prices, SpaceX is valued at just under $2 trillion. It has already surpassed Meta and another Musk-owned company, Tesla, and currently ranks sixth among the most valuable companies in the US.
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 California-based company claims to be the only one in the world building the infrastructure of the future in space, connectivity and artificial intelligence.
He added that the purpose of going public was to raise funds amid the critical growth phase, as SpaceX plans to expand its Starlink satellite constellation with 100,000 more satellites for communications and the construction of data centers in space.
