While Wall Street has long rewarded companies that promise to reach for the stars (at least figuratively), this Friday SpaceX (SPCX) actually delivered — shares opening at $150 and closing up nearly 19% at around $161, capping what Reuters confirmed as the largest Initial Public Offering (IPO) in history at $75 billion and a valuation north of $1.77 trillion.
This development also aligned with other positive economic news.
The company, which aims to put AI data centers in space, priced its shares at $135 each, raising about $75 billion and giving it an anticipated market capitalization of $1.77 trillion. On paper, CEO Elon Musk became the world’s first trillionaire.
Meanwhile, US stocks rose modestly as investors assessed reports that the US and Iran are closing in on an interim peace deal.
The Dow Jones Industrial Average (^DJI) rose 0.7%, while the S&P 500 (^GSPC) gained 0.5%. The tech-heavy Nasdaq Composite (^IXIC) added 0.3% following a surge in Wall Street stocks on Thursday as President Trump called off threatened strikes on Iranian targets....
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