SpaceX, the aerospace company, debuted on the public market on Friday with a stock price of around $150. However, the trading of its shares was paused for over two hours before resuming, after which the price quickly jumped to approximately $163.
In Germany, shares available on the Tradegate platform initially started at €131.88 per unit shortly after the US market opened at 5:47 PM German time. This quickly rose, reaching €141-a premium of over 20 percent above the offering price.
Before the official opening bell, SpaceX founder Elon Musk stated the company’s central goal is to send humans to Mars. Beyond these ambitious space projects, SpaceX is already operating the Starlink satellite internet system and is also heavily involved in “Artificial Intelligence.” Currently, the company does not report profits, though new deals regarding cloud computing rental are expected to inject billions into the company over the coming years.
The initial offering on Friday involved 555 million shares at a starting price of $135. Due to high demand, the underwriters held an option to purchase up to 83 million additional securities. This potential expanded offering could have moved a total of $86 billion. In any event, this is considered the largest Initial Public Offering ever, with Elon Musk becoming the world’s first trillionaire on paper based on the company’s projected valuation of nearly $1.8 trillion.
In Germany, banks also offered the chance for private investors to subscribe to SpaceX shares beforehand. In the case of Trade Republic, investors reported being allocated only about 13 percent of their requested amount, suggesting the stock was highly oversubscribed even in the local market.
