SpaceX Jumps After Record IPO

Insight & analysis on the White House and Capitol Hill.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

Shares of SpaceX climbed in their first day of trading on Friday following a $75 billion IPO that smashed records and instantly turned the crown jewel of Elon Musk’s business empire into one of the most-valuable public companies in the world. 

The stock climbed as high as $176.52, or 31% above its offering price, in afternoon trading in New York. The jump in price turned Musk into the world’s first trillionaire and sent the company’s market capitalization above $2 trillion. 

The successful first day of trading allows for a sigh of relief not only for backers of Musk’s company, but for an entire stock market that has been driven higher this year on optimism about the growth potential for artificial intelligence. SpaceX’s embrace of AI earlier this year with the acquisition of Musk’s xAI made the listing somewhat of a referendum on the IPO prospects of competitors Anthropic PBC and OpenAI, both of which plan go public themselves.   

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg News ECM Reporter Anthony Hughes.
• Bloomberg News Space Reporter Sana Pashankar.
• Bloomberg Television Correspondent Yahaira Anand.
• Bloomberg Tech Co-Host Ed Ludlow.
• Former International Space Station Commander Leroy Chiao.

See omnystudio.com/listener for privacy information.