The share price of SpaceX remained steady in pre-market trading on Thursday.
This follows a significant cooling of the stock's initial rally after it completed its record-breaking initial public offering last week. Since its historic market debut, the stock has achieved a cumulative gain of over 40%.
Following its landmark listing, the aerospace and artificial intelligence company founded by Elon Musk saw its shares surge, at one point rising more than 40% from its IPO price of $135 per share.
However, market optimism showed signs of waning on Wednesday, with the stock falling 5% that day. In the latest pre-market session, shares edged up a modest 0.3%.
Since going public, SpaceX has swiftly ascended to rank among the world's most highly valued companies. Its market capitalization briefly surpassed that of Amazon and even momentarily exceeded Microsoft's. As of Wednesday's close, the company's valuation stood at $2.52 trillion, slightly below Amazon's.
The rocket manufacturer announced on Wednesday the appointment of Elon Musk's long-time friend and business associate, Rolof Botha, to its board of directors.
Botha will serve as an independent director and will also join the company's audit committee. With this addition, the SpaceX board now consists of eight members. Musk holds the positions of Chairman, Chief Executive Officer, and Chief Technology Officer.
Musk controls over 82% of the voting power at SpaceX, and the value of his shareholding exceeds $1 trillion. This corporate governance structure makes it challenging for external shareholders to exert significant influence over the company's operations.
In a post on the X platform on Sunday, Musk stated that the company anticipates its revenue could approach $1 trillion by the year 2030.
Comments