In a landmark event on June 12, 2026, the trading floor at the Nasdaq exchange in New York broadcast live images of CEO Elon Musk as his company, SpaceX, commenced its first day of public trading.
In an interview with CNBC, Nasdaq President Nelson Griggs explained that for a record-breaking initial public offering of this magnitude, the ceremonial bell ringing is just a formality. The crucial task, he emphasized, is establishing a fair and appropriate opening price, a process that is particularly vital for a company of SpaceX's scale.
Speaking from the exchange floor on the listing day, Griggs detailed the procedure for such a massive IPO. He noted that stabilizing underwriters typically need to match buy and sell orders representing approximately 10% of the total offering before the opening price can be set. For SpaceX, this translated to roughly 55 million shares.
During the pre-market session, indicative quotes initially approached $175 per share. However, the estimated opening price for SpaceX subsequently adjusted downward to around $160. This shift, according to Griggs, exemplifies the price discovery mechanism at work.
The listing is also poised to impact the composition of key Nasdaq indices in the near term. Griggs stated that SpaceX is expected to meet the criteria for inclusion in the Nasdaq-100 index approximately 15 days after its debut. This move underscores the company's anticipated position among the world's largest non-financial corporations by market value.
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