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What we’re covering
• Shares of SpaceX begin publicly trading on Friday just above $150 per share, cementing Elon Musk’s status as a trillionaire.
• SpaceX, which Musk founded in 2002, sold 556 million shares Thursday at an initial price of $135 a share, the company confirmed. It was the biggest IPO in history.
• Musk celebrated the Nasdaq opening bell Friday, ringing the bell from SpaceX headquarters in Texas.
SpaceX shares begin trading
And we have liftoff: SpaceX shares have officially started trading under the ticker SPCX.
SpaceX shares opened just above $150 a share. The stock was up 13% from its target price of $135.
The stock’s surge has lifted CEO Elon Musk’s net worth above $1 trillion.
Wall Street analysts expect heightened volatility during the first day of trading. Stocks can be halted for trading for a few minutes if they surge too far too fast in a short period of time.
The broader market was higher: The S&P 500 rose 0.4%. Meanwhile, Tesla shares (TSLA) were down 1.5%.
What the SpaceX president and COO says investors should pay most attention to
Ahead of SpaceX’s opening on the Nasdaq, the company’s president and chief operation officer, Gwynne Shotwell, said in a CNBC interview investors should keep closest tabs on the following:
- Progress on Starship, the company’s fully reusable launch vehicle.
- Consumer growth, particularly for Starlink and Starlink mobile, the company’s satellite internet service.
- All things AI. Shotwell anticipates SpaceX will launch “full AI1 satellites late next year.” (A1 refers to the company’s orbital data center satellite model.)
Overall, Shotwell said the company is looking to attract “investors that want to stick with us for the long term.”