SpaceX Shares Soar Past Amazon After $10bn More Than Expected IPO

SpaceX shares were trading at $220 (£164) on Tuesday, lifting its valuation above Amazon and briefly Microsoft, as the rocket and AI company’s shares soared more than 14% on Tuesday.

“SpaceX IPO raised $10bn more than thought SpaceX raised $10bn (£7”

BBC

Sky News said the shares were selling for $220 (£164), more than 62% above the $135 (£101) initial public offering price, giving SpaceX a market capitalisation of about $2.85trn (£2.12trn).

BBC

The BBC reported SpaceX raised $10bn (£7.5bn) more than initially thought when it sold shares to the public on Friday, bringing in a total of $85.7bn after banks exercised a “greenshoe” clause.

The BBC also said the underwriters purchased an additional 83.3 million shares directly from the company to meet demand, and that momentum behind SpaceX continued on Monday with shares surging by more than 19% to $192.

In parallel, Sky News said SpaceX set up fast-track inclusion in the Nasdaq 100 and that FTSE Russell and MSCI were also set to add the stock from 26 June and 29 June, respectively.

SpaceX’s market rally quickly translated into dealmaking, with Sky News saying SpaceX also said it would acquire software company Anysphere for $60bn earlier in the day.

Fortune reported that SpaceX announced its acquisition of AI coding startup Cursor for $60 billion in stock, describing it as Musk’s “supercurrency for mergers and acquisitions.”

CBS News

Fortune said SpaceX opened at $135 per share on June 12 and closed Monday at $192.46, giving SpaceX a market cap of $2.51 trillion, up roughly $740 billion from its IPO valuation in less than four trading days.

Fortune quoted Pitchbook’s Franco Granda saying, “Signing a $60 billion all-stock deal four days after listing, with the stock up more than 50% from the offer price, shows the playbook.”

In a separate framing, Fox Business said SpaceX exercised the option to acquire @cursor_ai in an all-stock transaction and that SpaceX wrote, “For the past few months, SpaceXAI has been jointly training a model with Cursor, which will be released in Cursor and Grok Build soon.”

As SpaceX’s IPO momentum fed into index mechanics, CNBC said Gwynne Shotwell rang the trading bell on the Nasdaq trading floor for the company’s blockbuster IPO on Friday and that she leads day-to-day operations as president and chief operating officer.

“In 2002, SpaceX founder Elon Musk poached Gwynne Shotwell as one of his earliest hires at the less-than-a-year-old startup”

CNBC

CBS News focused on how index inclusion could reach retirement accounts sooner than usual, quoting certified financial planner Regina McCann Hess saying, “Nasdaq and Russell, their plan is to allow SpaceX into their indices.”

CBS News said McCann Hess expects Nasdaq to allow SpaceX into its indices after 15 days from public trading and Russell after five days, while also stressing that the S&P 500 is not fast-tracking the company.

The BBC added that shares were first offered to investors at $135, valuing the company at $1.8tn, and that analysts have warned SpaceX’s sky-high valuation leaves little room for error.

In the background of the IPO’s financial stakes, Sky News reported that SpaceX’s underwriters exercised the “greenshoe” option to purchase additional shares, increasing total proceeds from its initial public offering to $85.7bn from $75bn.