SpaceX shares were trading flat in pre-market trading on Thursday after signs of cooling after a record-breaking initial public offering last week. The aerospace and artificial intelligence company founded by Elon Musk completed a historic listing last week. The issue price was set at $135 per share. After the listing, the stock price once rose by more than 40%.
However, the market's bullish sentiment faded on Wednesday, with the stock falling 5% on the day. The latest pre-market share price edged up 0.3%.
SpaceX stock price trend in the past five days
After going public, SpaceX quickly became one of the most highly valued companies in the world, with its market value once surpassing Amazon and briefly surpassing Microsoft. As of Wednesday's close, the company had a market capitalization of $2.52 trillion, slightly less than Amazon.
The rocket development company announced on Wednesday that it appointed Musk's long-time friend and business partner Roloff Botha to the company's board of directors.
Bosa becomes an independent director immediately and also joins the company's audit committee. There are currently eight members on the SpaceX board of directors, with Musk serving as chairman, CEO and chief technology officer.
Musk holds more than 82% of SpaceX’s voting rights and the company’s stock market value exceeds $1 trillion. Such a corporate governance structure makes it difficult for external shareholders to exert influence on corporate operations.
Musk posted on the X platform on Sunday that the company expects revenue to approach $1 trillion by 2030.