On Friday local time in the United States, SpaceX was officially listed on Nasdaq with the stock code "SPCX". Because this IPO set a financing record and was the world's largest listing transaction in history, it attracted global attention. SpaceX's IPO price was US$135 per share, issuing 555.6 million shares and raising US$75 billion, more than double the previous record of Saudi Aramco's US$29.4 billion listing in 2019, and its valuation reached US$1.77 trillion.
Musk rings the bell remotely
SpaceX also granted underwriters an over-allotment option, allowing them to purchase an additional 83.3 million shares at the IPO price. If the over-allotment option is fully exercised, the total amount raised in this IPO will increase to approximately US$86 billion.
Musk did not go to New York, but stayed at the Texas headquarters. Before SpaceX shares began trading, Elon Musk gave a speech and then rang the bell remotely.
Previously, Musk’s mother, Maye Musk, was the first to appear on Nasdaq, becoming the first member of the Musk family to be photographed arriving at the scene by the media. The family has close ties to Musk, whose brother Kimbal Musk sits on Tesla's board of directors.
According to the Wall Street Journal, SpaceX shares will not start trading immediately after the bell-ringing ceremony, and usually do not start trading until later in the day, because the underwriters leading the IPO usually want to match buyers and sellers for about 10% of the issued shares before the opening to curb volatility. For SpaceX, that's roughly 55 million shares worth about $7.5 billion.
Because investors who buy shares before an IPO are subject to a lock-up period for a period of time, it can take time to find those who have subscribed for shares willing to sell in an IPO with strong demand. People familiar with the matter revealed that even if the order matching ratio is lower than normal levels, SpaceX's underwriters may start trading in advance to ensure that the stock has several hours of trading time on the first day of listing.