PANews, June 13th – According to Jinshi News, SpaceX (SPCX.O) surged on its first day of trading on Nasdaq on Friday, pushing its market capitalization above $2 trillion. The IPO was smoother than many observers had anticipated. Trading began late Friday morning, with the stock rising 15% to 30% for most of the day compared to Thursday’s pricing, exhibiting relatively low volatility. It closed at approximately $161, up 19%, making the company the sixth largest company in the United States. The final settlement price is yet to be determined. The trade volume exceeded 500 million shares, with a turnover of approximately $80 billion.
With the massive IPOs of Anthropic and OpenAI looming, market observers had worried that the influx of new shares after a prolonged period of relative scarcity could drag down market performance. However, investors of all kinds, from large institutions to Musk’s retail fans, were in high spirits by the close of trading. Dan Coatsworth, head of marketing at AJ Bell, said, “SpaceX not only broke records in terms of IPO fundraising, but also left other large companies far behind. Adding so much market capitalization in the blink of an eye when the initial valuation was already close to $2 trillion is impressive.”
