SpaceX nears IPO price again after staging US$327 bil rally

Carmen Reinicke & Jordan Fitzgerald / Bloomberg08-08 02:04

SpaceX shares jumped for a second straight day bringing them close to breaking back above the company's US$135 ($172.56) IPO price for the first time since falling below the key level last month.(Aug ...

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second straight day bringing them close to breaking back above the company's US$135 ($172.56) initial public offering price for the first time since falling below the key level last month.\nFriday's 16% surge brought the stock's two-day rally to about 23%, adding more than US$327 billion in market value over that span. Investors snapped up shares of the Elon Musk-led rocket, space and artificial intelligence (AI) company even as restrictions blocking some early insiders from selling were lifted on Thursday. Analysts had warned that the end of the first lockup could lead to selling pressure on the stock.\nThe lockup expiration more than doubled the total number of shares available to trade to 1.55 billion from the 639 million in circulation when Space Exploration Technologies Corp, as it's formally known, went public.\n\"Once the dust settles from the trading around the end of the lockup period, investors are going to have to decide whether they're willing to pay such an expensive price for a company that will not show its full promise for many years,\" said Matt Maley, chief market strategist at Miller Tabak.\nThe move is a swift reversal for the stock that had been under pressure, shedding more than US$1 trillion in market value from the high it hit shortly after its record IPO. Shares faced additional pressure earlier in the week after the company's first public earnings release, falling 14% on Wednesday after SpaceX reported higher-than-expected spending on its artificial intelligence business. \n\nMore than 250 million SpaceX shares have been sold short, or about 16% of those available to be traded, according to data from S3 Partners LLC. That figure had topped 36% on Wednesday before the 911.5 million shares were unlocked for trading.\n\"I'm sure there were some bearish bets that had to be unwound today,\" Maley added.\nBefore the two-day rally, short sellers had amassed paper gains of more than US$9 billion betting on the stock's slump.\n\nOf course, while the share lockup expiration gives early investors the option to sell their stakes, it is not a requirement. And, Wall Street has maintained an overwhelmingly bullish view on the company. Argus Research upgraded its rating on the shares to buy from hold on Friday, saying it was encouraged by \"rapid payback\" on the firm's AI infrastructure investments.\nAll told, nearly 80% of analysts covering SpaceX have given the stock a buy rating. Their average price target of roughly US$221 implies more than 65% upside from where shares closed Friday, according to data compiled by Bloomberg. \nUploaded by Chng Shear Lane","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2657167863","isCrawlerRequest":true}