SpaceX shares slowed before closing in first trading since record IPO

Shares of Elon Musk's space company SpaceX rose by 19.22% on the first day of trading on the Nasdaq exchange. As a result, the company's market capitalization exceeded $2.1 trillion. As a result, SpaceX took the sixth place in the list of the most expensive public companies in the United States.

SpaceX papers slowed down a bit shortly before the market close. Even about half an hour before the end of trading they were growing by 25%.

Trading began about two hours after the exchange opened with a price of $150 - 11% above the IPO offering level ($135). The stock never dipped below that mark, and at its peak for the day it reached $176.52 - nearly 31% above the IPO price. The rise in shares made SpaceX CEO Elon Musk the first trillionaire in history - a man with a fortune of $1 trillion, Forbes reported.

SpaceX sold about 555.6 million shares in its IPO and raised $75 billion. Based on these parameters, the company received a valuation of $1.77 trillion. SpaceX's offering was the largest in history: the previous record was set by Saudi Arabia's state-owned oil company Saudi Aramco, which raised about $29 billion in 2019.

"Elon deserves an extremely high price due to his track record and ability to spot technology trends early," Sequoia Capital partner Sean Maguire told Reuters. Maguire led Sequoia's $2 billion investment in SpaceX: at the IPO price, that stake rises to more than $20 billion, a Reuters source claimed.

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