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SpaceX set to begin trading after raising $75 billion in record IPO

From CBS News · () English

Summarized and contextualized by DistantNews.

At a glance

News From a news agency New plan
  • SpaceX has completed the largest initial public offering in history, raising $75 billion.
  • The company's shares will begin trading on the Nasdaq under the ticker symbol "SPCX."
  • The IPO values SpaceX at $1.77 trillion, surpassing Saudi Aramco's record.

SpaceX is set to begin trading on the Nasdaq stock exchange Friday, marking a monumental debut after completing the largest initial public offering in history. The company successfully raised $75 billion by pricing its shares at $135 each, funds earmarked for its ambitious future endeavors, including establishing a Mars colony and deploying space-based solar-powered data centers.

SpaceX is set to begin trading Friday after completing the largest initial public offering in history, marking the long-awaited Wall Street debut of Elon Musk's rocket and satellite company.

— CBS NewsReporting on the significance of SpaceX's IPO.

The shares will commence trading under the ticker symbol "SPCX" shortly after the Nasdaq opens at 9:30 a.m. ET. This massive offering eclipses the previous record held by Saudi Aramco, which raised nearly $26 billion in its 2019 IPO. Investor interest has been exceptionally strong, with reports indicating over $100 billion in retail orders for SpaceX shares.

The offering leapfrogs SpaceX to become the largest global IPO, surpassing the current record holder, Saudi Aramco.

— CBS NewsHighlighting the scale of SpaceX's initial public offering.

SpaceX's public debut positions it as one of Wall Street's most valuable companies, with a market valuation of $1.77 trillion. While this valuation places it behind giants like Nvidia, it significantly expands investor access to Elon Musk's ventures, which now include his artificial intelligence company, xAI, and the satellite internet provider Starlink.

The IPO gives SpaceX a market valuation of $1.77 trillion, making the Texas-based manufacturer one of Wall Street's most valuable companies.

— CBS NewsDetailing SpaceX's market valuation post-IPO.

Despite its high valuation, SpaceX faces challenges in matching the profitability of established tech behemoths like Alphabet, Apple, and Nvidia, which generate annual after-tax profits exceeding $100 billion. SpaceX, currently unprofitable, reported $18.7 billion in revenue last year. The IPO, however, solidifies Elon Musk's status as a trillionaire on paper, as he retains significant control with a substantial shareholding and voting power.

Although SpaceX has a high valuation, it lags other tech giants in terms of revenue and profitability.

— Jay RitterIPO expert and professor at the University of Florida's Warrington College of Business, commenting on SpaceX's financial standing.
DistantNews Editorial

Originally published by CBS News. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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