SpaceX stock up 19% to $161
SpaceX's stock jumped by 19% to close at $161.11 following its historic largest initial public offering, boosting the company's valuation to $2.1 trillion with over 500 million shares traded—an amount comparable to the trading volumes of major companies like Facebook. This happened coinciding with Elon Musk, the company's CEO, celebrating the stock offering aimed at raising capital to support large growth projects, including launching more than 100,000 communications satellites and building AI data centers. SpaceX is primarily a profitable company in the satellite internet division, Starlink, despite incurring total losses of $41.3 billion since its founding.
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