Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
AÇÃO
After 24 years as a private company, SpaceX will start trading on the Nasdaq stock exchange later today under the ticker SPCX. The IPO is arguably the most anticipated offering since Facebook back in 2012, with investors begging to own a share in the rocket launching giant for well over a decade at this point. 555 million shares were made available at a price of $135 apiece, raising $75 billion in new capital. Based on 13 billion total shares outstanding, SpaceX boasts a market capitalisation of just under $1.8 trillion, placing the company at a higher valuation than Elon Musk’s electric car venture Tesla, which sits at around $1.5 trillion in comparison. The IPO is the largest in history, beating the former record holder Saudi Aramco, which raised $29 billion back in 2019. Reports have suggested the offering has attracted up to $250 billion in investor demand, easily surpassing the $75 billion the company was hoping to raise. The pricing announcement also features an overallotment option, meaning an additional 83 million shares could be made available should demand prove high enough.
Hostilities between the US and Iran may have stepped up a notch this week, but yesterday, President Trump claimed that the two sides had reached a framework agreement to bring the conflict to an end. The peace deal is expected to be signed over the next few days and once finalised, would allow the Strait of Hormuz to fully reopen. US stock markets rebounded strongly on Thursday after further strikes against the Iranian regime were called off, completely reversing the rapid selloff that occurred the day prior. Precious metals likewise rallied strongly upon hearing the news, lifting gold back over $4,200 per ounce prompting silver to reclaim $67. The price action in cryptocurrencies remains unimpressive, with bitcoin able to rise no more than 3% yesterday to $63,500 per coin. Meanwhile, crude oil prices fell to their lowest level in two months, bringing Brent down to $88 per barrel and WTI down to just $86. The prospect of an end to the war in Iran is sitting very well with Asian markets this morning, with the Nikkei 225 rising 4% and the ever-volatile Korean Kospi gaining 8% and putting the index back in the green for the week.
About the Author
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
Reviewed by RADEX MARKETS
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