The Case for Selling SpaceX Stock Before its December Lock-Up Expiration
Key PointsSpaceX stock opened at $150 when it IPOed, and is still right around that level.
The IPO of Space Exploration Technologies (NASDAQ: SPCX), commonly known as SpaceX, was a monumental event watched globally. Elon Musk sold shares of the company to the public for the first time, contributing to the anticipation surrounding the event. SpaceX managed to raise a substantial $75 billion through the IPO, with the underwriter's overallotment increasing the total raised to over $85 billion.
While many insiders profited from the IPO, a specific regulation could keep the stock's performance relatively stable until at least the end of December.
When SpaceX's shares were initially offered at $135, the market saw an immediate reaction. The stock skyrocketed in the opening minutes, trading at $150. The excitement surrounding the company's IPO was evident, leading to rapid gains. SpaceX's stock peaked above $200 per share, reflecting the high expectations. However, as the initial enthusiasm began to wane, the stock experienced a significant drop to $108.
This decline did not come as a surprise, as the stock has since returned to the $150 range, indicating a temporary pullback following the IPO frenzy.
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