SpaceX IPO tops Meta, AT&T and Nvidia on first day
SpaceX’s $85.7 billion IPO dwarfs the first-day raises of Meta, AT&T and Nvidia
Elon Musk’s space and AI company raised $85.7 billion in its initial public opening, the largest-ever in history.
NEW YORK —
SpaceX has raised $85.7 billion in its initial public offering, the largest ever. The space and AI company founded by trillionaire Elon Musk offered 555.56 million shares at $135 a piece for a total initial public offering of $75 billion, according to its U.S. Securities and Exchange filing.
This rose to $85.7 billion after underwriters exercised the greenshoe option to purchase additional shares.
An initial public offering, or IPO, is the first time a company offers its shares of capital stock to the general public. Under federal securities laws, a company may not lawfully offer or sell shares unless the transaction has been registered with the SEC or an exemption applies.
SpaceX eclipses IPO earnings on opening day of top tech stocks being traded today. On its first pop, Meta, formerly Facebook in 2012, raised $16 billion in its initial public offering, selling at $38 a share.
AT&T, which stood as the largest IPO in U.S. history at the time, raised $10.6 billion when it went public in 2000 at $29.50 a share. Apple raised $100 million in 1980 at $22 a share.
As of Monday, SpaceX’s market cap reached $2.1 trillion, making it the sixth-largest U.S. company. This is the total market value of a publicly traded company’s outstanding shares and is commonly used to measure how much a company is worth.
About 4% of the SpaceX shares are being offered to the public; the remaining 96% belongs to Musk, early backers and SpaceX employees.
Musk officially became the world’s first trillionaire last week after SpaceX began trading on Friday.
