SpaceX officially launches as a publicly traded company Friday morning, and Elon Musk’s company carries the largest valuation ever seen for a Wall Street debut.
SpaceX has its sights set on some major projects, including more rocket launches both manned and unmanned, construction of AI infrastructure in space along with satellites, and ambitions of lunar landings and missions to Mars.
These projects come at a hefty cost, and the IPO (Initial Public Offering) is expected to provide capital funding for many of these projects depending how popular it becomes.
But what makes this launch so distinct?
“It’s by all accounts a massive, massive company. Not only is it the largest IPO (Initial Public Offering) in history, but it’s the largest by order of magnitude,” says portfolio manager and chief investment officer Josh Sheluk at Verecan Capital Management.
“Typically a company becomes public and it gradually grows in size. Maybe it starts at five billion or 10 billion or 20 billion, or even a hundred billion dollars worth of company. Now you have a company that’s again, potentially IPOing at a $1.75 trillion valuation, which forces it to be one of the largest positions in all these indexes right off the bat.”
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SpaceX priced its shares at US$135 each, which makes the total value of the company approximately $1.75 trillion dollars, although only a fraction of the shares that make up that total will be made available today, which could increase demand and send the price higher.
Many day traders on the floor of Wall Street and arm-chair investors alike will be able to get a chance to own a piece of SpaceX when markets open at 9:30 a.m. Eastern time.
– More to come
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