SpaceX lifted off on its first day as a public company, immediately jumping to $150 a share after it began trading on the Nasdaq, around 11% higher than the $135 figure at which it officially priced its IPO on Thursday. The stock price reached as high as $176 in midday trading, pushing the company’s market capitalization to nearly $2.3 trillion, making SpaceX the sixth most valuable public company in the U.S.
The stock pop isn’t a surprise. The company’s IPO was oversubscribed by 4x, according to Bloomberg, meaning many institutional investors didn’t receive allocations and are likely buying shares on the open market.
