SpaceX launches 24% higher at Friday debut

Clay Webster FXStreet

Space Exploration Technologies (SPCX), aka SpaceX, zoomed 24% higher soon after the start of its first IPO trading day on Friday. Shares of the rocket and artificial intelligence (AI) company founded by Elon Musk began trading at about 11:46 am EST and quickly gained speed.

The $75 billion IPO was approximately four times oversubscribed, and many of the investors left out of the IPO have been eager to pick up shares in the open market. At the IPO on Thursday, SpaceX sold 555.5 million shares.

Elon Musk is now considered the world's first trillionaire on paper since he owns more than 533 million shares of SpaceX and has options to purchase another 350 million shares at an exercise price of $8.40.

After investors paid $135 per share in the IPO, SPCX stock opened at $149.80 before quickly rising to a high of $168.75 just before noon. The price action mirrors what's happening in the SPXC-USDC market on Hyperliquid, where the crypto version of the stock has been trading in the $160s over the past 24 hours.

Earlier this week, Oppenheimer initiated an Outperform rating and a $190 price target on SpaceX, suggesting that the Musk-led company is uniquely positioned to capitalize on the convergence of AI, communications infrastructure, and space-based computing.

Author

Clay Webster

FXStreet

Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.

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