SpaceX made a dramatic entrance on Nasdaq, rising 19% on its first day of trading and closing at 160.95 dollars after an opening price of 150 dollars. The move lifted its market value to 2.1 trillion dollars, placing it as the sixth most valuable company in the United States and unsettling the balance among Wall Street technology shares. More than 510 million shares changed hands on the first day, creating 84 billion dollars in trading volume. The surge also turned roughly 4,000 current or former employees into millionaires through their holdings. SpaceX continues to draw investor attention because of its work in space transport and satellite internet. It is not yet profitable, but it reported annual revenue of 18.7 billion dollars and a price-to-sales ratio of 112. Some analysts compare the stock to railway investment during the Industrial Revolution, while others warn that the high valuation and limited share supply could bring sharp swings. The company has also said that the total size of its business areas is 28.5 trillion dollars, and its Starlink service remains central to its growth plan. The debut has also revived discussion of Wall Street’s traditional ‘Magnificent Seven’, with new labels now being suggested.
SpaceX’s Nasdaq debut sends its value above 2 trillion dollars
On its first day on Nasdaq, SpaceX shares climbed 19% and the company reached a market value of 2.1 trillion dollars. The debut also triggered huge trading volume and renewed debate about the biggest names in technology.
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