SpaceX's stock moves above its IPO price for the first time in almost a month
By William Gavin
SpaceX shares have been clawing their way back in recent days but remain well off their highs
SpaceX shares went public in June. It's been a volatile two months of trading for the stock since then.
SpaceX shares are trading above their initial public offering price for the first time in nearly a month.
After a choppy morning of trading, SpaceX's stock (SPCX) closed up 4.2% on Monday to $138.74 - marking the first time it has risen above its $135 listing price since July 16. The stock has been volatile in the weeks following its June IPO and is currently about 25% above its lowest finish.
The company debuted on the Nasdaq on June 12 at $135 a share, and the stock quickly surged. SpaceX shares peaked at $225.64 a few days later. They hit an intraday low of $104.83 on Aug. 3, as investors awaited the company's first earnings report.
Analysts have linked the post-IPO weakness to a variety of factors, including concerns over SpaceX's valuation and the company's hefty spending on artificial intelligence.
Meanwhile, the gains in recent days could reflect some relief after the first tranche of insider-held shares was released from lockup late last week.
That, combined with an announcement about the company's Terafab chip-making project, cleared the way for the stock to see its second-best day on record Friday. Interestingly, SpaceX's base of retail investors actually sold a net $4.5 million worth of stock, making for the first day of net selling since the company went public, according to Vanda Research.
Catch up on SpaceX
-- SpaceX's Nvidia deal could be bad news for neoclouds like CoreWeave and Nebius, analysts say
-- Here's when Elon Musk's Starlink internet is worth the steep monthly price - and $350 startup cost
-- Why AT&T, Verizon and T-Mobile shares are down after SpaceX's earnings
-William Gavin
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08-10-26 1839ET
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