The stock opened at $150, comfortably clearing the $135 pricing set Thursday. High demand fueled an intraday peak of $176, driven by an IPO that was oversubscribed fourfold. Because only 4% of shares hit the public float, institutional appetite remained ravenous. The company leveraged a rule change with the Nasdaq 100, ensuring rapid index inclusion that will force automated fund buying in the coming days.
In section Startups & Technology
SpaceX Market Debut Crowns Elon Musk First Trillionaire
SpaceX shares surged 19% on their Nasdaq debut Friday, closing at $160.95 and pushing the aerospace giant’s market capitalization to nearly $2.3 trillion. The historic public offering transformed founder Elon Musk into the world’s first trillionaire while triggering a massive windfall for early venture capital backers and thousands of employees.
This liquidity event represents a seismic shift for venture capital. Founders Fund, which deployed $600 million for a 3% stake, now sees its position valued at over $50 billion. Sequoia and Andreessen Horowitz also realized massive gains, with their holdings valued at $20 billion and $10 billion respectively. Beyond the institutional winners, the debut minted 4,400 new millionaires among current and former staff, with roughly 400 individuals reaching centimillionaire status.
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