SpaceX Just Went Public and Instantly Blew Past $2 Trillion
If you thought Elon Musk's ego couldn't get any bigger, his rocket company just pulled off the biggest IPO in history, and retail investors are buying in like it's a ticket to Mars.
To the surprise of absolutely nobody who has watched the stock market turn into a giant casino, SpaceX decided to go public under the ticker symbol SPCX. Elon Musk and Gwynne Shotwell rang the opening bell from two different states—because why be in the same room when you can stream it from Texas?
The stock opened at $150 and immediately started doing rocket-like things, shooting past $176. Within hours, SpaceX's market value officially crossed the $2 trillion mark, placing it in the ultra-exclusive club with the likes of Apple, Microsoft, and Nvidia. This also means Musk now runs two of the ten most valuable public companies on Earth.
But here is where it gets funny. Since it was founded in 2002, SpaceX has actually racked up over $41 billion in total losses. The only part of the company that actually makes money is its Starlink satellite internet. But who cares about profit margins when you are planning to put 100,000 satellites in orbit and build AI data centers in space? Plus, they recently absorbed xAI, Musk's controversial AI startup. Regular retail investors absolutely flooded the market, breaking records for trading activity because they finally got a chance to own a piece of the sci-fi dream.
It turns out you don't actually need to make a profit to be worth two trillion dollars; you just need to promise to build data centers in actual outer space.
Source: CNBC
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