SpaceX Makes a Strong Nasdaq Debut

SpaceX had a strong first day on Nasdaq. The stock rose 19% and finished at $160.95 after opening at $150. With a market value of $2.1 trillion, it became the sixth most valuable company in the United States. Trading was very busy, with more than 510 million shares changing hands and total volume reaching $84 billion. About 4,000 current or former SpaceX workers became millionaires through their shares. SpaceX focuses on space transport and satellite internet, and these activities continue to attract investors. The company is not yet profitable, but it reported yearly revenue of $18.7 billion. Its price-to-sales ratio is 112, which sets it apart from similar technology companies.