BREAKINGVIEWS-SpaceX’s $2 trln lift-off inaugurates new IPO era

SpaceX

SPCX

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Robert Cyran and Jonathan Guilford

NEW YORK, June 12 (Reuters Breakingviews) - Few harness tech hype and greed like Elon Musk, a modern alloy of Wernher von Braun and PT Barnum. Despite a crazed valuation, shares in his rockets-to-chatbot firm leapt 11% on launch. That sets the stage for other debutants to put a market value on humanity’s salvation or doom.

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CONTEXT NEWS

Shares of SpaceX began public trading on June 12, opening at $150 each. Elon Musk’s rocket, satellite and AI company had sold 555.6 million shares at $135 each, raising $75 billion in the largest initial public offering in history. As of 12:25 Eastern Standard Time on June 12 the shares were trading at $165, up 22%.

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