Shares of SpaceX (NASDAQ:SPCX) are moving higher in pre-market trading. Currently, the shares are up by almost 6% at at around $170. SpaceX completed its initial public offering (IPO) last Friday, a historic event as it was the most highly valued firm ever to go public initially valued at around $1.78 trillion. SpaceX closed the day at over $160 per share following its fixed-price offering of $135 per share.
The public float of SpaceX created multiple billionaires and thousands of millionaires, as many front-line employees were provided shares or given the option to purchase shares prior to the IPO.
The IPO is emblematic of the success of US capital markets and risk capital, which reward ideas from concept to execution and growth. SpaceX is widely regarded as the world’s leading space firm. The company is also a provider of internet access with its Starlink service and is quickly burnishing its exposure to the hot artificial intelligence market.
While the IPO was clearly a success, not everyone expects SpaceX to hold its current price. Research firm CFRA hit SpaceX with a sell rating and a price target of just $115.
Morningstar was another firm that saw the IPO as overvalued.
Still, other Wall Street analysts predicted the share price would move higher in the coming year. Oppenheimer announced a $190 price target on SpaceX shares.
Overall, US markets are catching a bid due to the apparent deal the US has made with adversary Iran. Today, the broader market is poised to move higher alongside SpaceX.
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