SpaceX surpasses $2 trillion valuation/ Market opportunity estimated to reach $28.5 trillion
SpaceX shares surged 19% in their Nasdaq debut on Friday, pushing the company's value above $2 trillion, making it the sixth-largest American company by value and turning Elon Musk into the world's first trillionaire.
Investors jumped at the chance to get a piece of Musk's empire that spans rockets, satellites and artificial intelligence after a record $75 billion initial public offering. More than 510 million shares worth about $84 billion changed hands, even though SpaceX is currently unprofitable.
Investors across the spectrum, from large institutions to Musk's retail fans, ended the day with euphoria.
Analysts and portfolio managers said investors should brace for volatility, especially early in SpaceX's life as a public company, because of its relatively small stock price and high valuation. SpaceX's $18.7 billion in revenue gives the company a price-to-earnings ratio of roughly 112, much higher than other large-cap stocks.
At $75 billion, the proceeds from the initial public offering were more than double those of Saudi Aramco's record-breaking stock offering in 2019. SpaceX's valuation could rise further if the underwriters exercise their right to sell additional shares, a decision that is typically made within 30 days of the offering.
According to Hill.com, about 4,000 current or former SpaceX employees will become millionaires based on the value of their SpaceX shares.
Some analysts expect SpaceX's debut to trigger a reshuffle of investor portfolios, creating selling pressure on other tech giants. Shares of other space and satellite companies fell sharply on Friday. SpaceX said its market cap is $28.5 trillion, a figure it called the largest in human history.
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