SpaceX becomes world's 7th most valuable company after blockbuster market debut
SpaceX's long-awaited stock market debut on Friday delivered more than just a strong performance from a big name getting listed in recent memory, it instantly
SpaceX's long-awaited stock market debut on Friday delivered more than just a strong performance from a big name getting listed in recent memory, it instantly propelled Elon Musk's rocket and satellite company into the ranks of the world's most valuable companies. After raising $75 billion in the biggest initial public offering ever, SpaceX began trading under the ticker SPCX at $150, an 11% premium to its IPO price of $135. The stock surged as high as $176.52 during the session before ending the day at $160.95, a gain of nearly 19% from the offer price.That rally was enough to catapult SpaceX into seventh place among the world's most valuable listed companies, according to Companies Marketcap data. With a market value of about $2.1 trillion at Friday's close, SpaceX now sits just behind Taiwan Semiconductor Manufacturing Co. (TSMC), which is valued at $2.9 trillion, and ahead of a vast majority of the world's corporate giants.Also read: Elon Musk net worth tops combined wealth of next 4 billionaires after historic SpaceX debutNvidia remains the world's most valuable company with a market capitalization of $4.72 trillion, followed by Alphabet at $4.15 trillion, Apple at $4.06 trillion, Microsoft at $2.76 trillion, Amazon at $2.44, and TSMC at $2.9 trillion.
SpaceX, at Rs 2.1 trillion, now occupies the seventh spot.SpaceX IPO debutInvestor demand was evident throughout the session. More than 500 million shares changed hands on debut, a figure that approached Facebook's first-day trading volume of about 580 million shares in 2012. The momentum did not stop when the closing bell rang.SpaceX shares continued climbing in extended trading, rising close to 3.5% to $166.76 as of 6:30 p.m. ET. Roughly 16 million shares changed hands in post-market activity, adding to the more than 500 million traded during regular hours. The after-hours advance lifted the company's market capitalization by another $80 billion, taking it to around $2.2 trillion.Elon Musk becomes trillionaireThe blockbuster debut also marked a watershed moment for Musk personally. The surge in SpaceX shares pushed his net worth to $1.11 trillion, making him the world's first trillionaire. According to the Bloomberg Billionaires Index, Musk's fortune now exceeds the combined wealth of Larry Page, Sergey Brin, Jeff Bezos and Larry Ellison, whose combined net worth stands at $1.089 trillion.The frenzy around the stock was fueled not only by institutional investors but also by retail traders eager to gain exposure to one of Musk's flagship companies.
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