SpaceX Closes at $164 After 7.15% Jump as IPO Frenzy Sets Trading Records
Updated
Updated · CNN · Jun 30
SpaceX Closes at $164 After 7.15% Jump as IPO Frenzy Sets Trading Records
3 articles · Updated · CNN · Jun 30
Summary
$164 was SpaceX's closing price on June 29, up 7.15% in a rebound after the stock fell 17% in its second week of trading.
Record activity has powered the swings: Charles Schwab said IPO day ranked among its five busiest ever, while Citadel Securities called it its biggest single day of retail net buying, 50% above the prior record.
Since listing at $150 on June 12, the stock has swung from an intraday high near $226 to a low of $147, with analysts saying that volatility is typical for richly valued growth IPOs.
SpaceX is also drawing fresh demand through options, leveraged ETFs and index inclusion, with the stock already in the Russell 1000 and due to join the Nasdaq 100 in July.
Much of the enthusiasm reflects bets on Elon Musk as well as SpaceX's launch, Starlink and AI businesses, even as the company burns cash and faces a long path to sustained profitability.