SpaceX surges after blockbuster IPO debut

Space Exploration Technologies

Mon 21:17

Updates
** SpaceX SPCX.O shares closed up 16.1% at $186.93 on Monday, building on strong momentum following last week's market debut
** The rockets-to-AI firm jumped 19% on Friday, propelling its valuation to over $2 trillion, making SPCX the sixth-most valuable U.S. company
** Stock at 38.5% over $135 IPO price at Monday's close 
** More than 241 million shares exchanged hands on Monday; over 522 million shares traded on debut day - LSEG data

    ** "On a net basis, retail investors have now bought almost as much SPCX over the last two sessions as they bought across the entire US stock market last week" - Vanda Research
  
** SPCX says underwriters exercised the "greenshoe" option to purchase additional shares, increasing its total IPO proceeds to $85.7 billion from $75 billion raised last week
** A greenshoe option is used to stabilize stock movement and avoid major swings
** CEO Elon Musk says in an X post SPCX can generate $1 trillion annual revenue by 2030, compared with $18.7 billion last year

 (Reporting by Rashika Singh in Bengaluru and Akash Sriram in New York)
 ((Rashika.Singh@thomsonreuters.com;))