SpaceX raises $85.7 billion in IPO, market cap tops $2.5 trillion
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SpaceX raised $85.7 billion in its initial public offering, exceeding the initial $75 billion target due to additional share issuance, CNBC reported. The company's market capitalization surpassed $2.5 trillion two days after listing on June 12. Brokers exercised an option to purchase an extra 83.3 million shares.
IPO Details
SpaceX, led by Elon Musk, raised $85.7 billion in its IPO, surpassing the initial $75 billion target. The increase came from an additional share issuance of 83.3 million shares, which brokers had the right to purchase. The company listed on June 12, and its market capitalization exceeded $2.5 trillion two days later, according to CNBC.
Market Reaction
U.S. stocks rose on news of a peace deal between the U.S. and Iran, with the S&P 500 gaining nearly 2%. SpaceX shares continued to climb significantly. Markets hope that the reopening of the Strait of Hormuz will lower oil prices, reduce inflationary pressure, and give central banks less reason to raise interest rates.
IPO Share Price and Volume
SpaceX sold 555.6 million shares at $135 each, raising $75 billion. The company's market value reached $1.77 trillion. Trading begins on the Nasdaq Friday.
IPO First-Day Return
SpaceX shares rose 19% on their first trading day, delivering a return to IPO buyers. The company's valuation made Elon Musk the world's first trillionaire.
What's Next
The U.S. and Iran are set to discuss the terms of the peace agreement over the next 60 days. It remains unclear how the reopening of the Strait of Hormuz will affect global oil prices and central bank policies.
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SpaceX raises $85.7 billion in IPO, market cap tops $2.5 trillion
