SpaceX shares soared 11% to $150 in early debut trading

At the beginning of the first day of trading on the stock exchange, SpaceX securities jumped by 11% relative to the offering price: they reached the mark of $150 per share, writes The Wall Street Journal.

SpaceX on June 11 announced the results of IPO: it sold 555.6 shares at $135 each. As a result, the company raised $75 billion. The entire business was valued at $1.77 trillion, Bloomberg calculated. Such placement made SpaceX the seventh company in the U.S. by market value, CNBC notes. In terms of capitalization, it has already overtaken another company led by Elon Musk - Tesla (its capitalization as of June 12 is $1.499 trillion).

In 2010, when Tesla went public, its stock rose 40% in first-day trading, Bloomberg recalls.

Hundreds of the company's employees took part in the opening ceremony of trading in SpaceX shares on Nasdaq - simultaneously in New York and Texas, Bloomberg writes. A representative of Nasdaq told the agency that this is the first case of holding a double opening ceremony. About 200 SpaceX employees took part in the ceremony in New York, where bells in the form of rockets were used, and about 1 thousand employees gathered at the Starbase site in Texas. Musk also participated in the torus launch there - remotely. During a live broadcast by JPMorgan Chase, the businessman said SpaceX has remained a cash-positive company since about 2015, CNBC reported. According to him, going public is necessary to raise capital for a "significant growth phase": the company plans to place more than 100 thousand communication satellites in orbit, build space data centers for AI and implement a number of other projects.

Shares of SpaceX can grow by more than 20% immediately after the start of trading due to high investor interest in the placement, said the head of the global division of equity capital markets Mergermarket Samuel Kerr, quoted by Reuters on June 12. Weaker performance of the securities would be a cause for concern, he said. Similar growth, but on the horizon of the next 12 months, is also waiting for New Street Research analyst Pierre Ferragu: June 11, he set for SpaceX shares target at $165 per unit, which implies a growth potential of about 22% relative to their offering price of $ 135 per share.

Oppenheimer analyst Timothy Horan gave shares of Musk's aerospace company an Outperform rating and set a target price of $190, which implies a potential upside of about 40% relative to the IPO price. In his view, the company's key strength is its diversified business and vertical integration in AI and space infrastructure.

Analysts at Freedom Finance set a target price for SpaceX securities at $159.2, implying a potential upside of about 18% relative to the offering price.

This article was AI-translated and verified by a human editor