SpaceX IPO Live: Timeline Of The Largest IPO In History

8:30 (EDT) Elon Musk Set To Be World’s First Verified Trillionaire

Before the SpaceX IPO Musk’s net worth is estimated to be around US$971 billion (Bloomberg) to US$982 billion (Forbes).

Musk’s enormous ~42% stake in SpaceX would mean its share price could only have to increase by 4.2% to US$140.71 to make him worth over a trillion US dollars.

8:50 (EDT) SpaceX Set To Be 7th Largest Company In The World

If shares jump slightly from the offering price of US$135, SpaceX’s market value could exceed US$1.8 trillion, making it larger than Broadcom and Saudi Aramco and the seventh most valuable publicly-traded company in the world.

Chipmaker Nvidia is currently the world’s most valuable public company at around US$4.9 trillion.

Other Space Companies Set For Mixed Day

• Rocket Lab up 2% in pre-market trading.
• VirginGalactic down 10% pre-market, after jumping over 20% yesterday.
• Voyager Technologies, up 16% yesterday, set for 4% drop.

9:20 (EDT) SpaceX IPO Will Cannabalise Capital

SpaceX publicly listing on the stock market is likely to suck capital away from other stocks says CEO of ERShares Joel Shulman.

ERShares manages an ETF with exposure to SpaceX.

“A dominant company with a $1.77 trillion valuation doesn’t just quietly enter the market. It’s going to cannibalize capital.”

 9:25 (EDT) SpaceX IPO Oversubscribed

The IPO is massively oversubscribed.

Investor demand has reached up to US$250 billion. This is 4 times the targeted US$75 billion raise.

The offering is the largest in world history, featuring a fixed price of $135 per Class A share.

9:30 (EDT) Elon Musk Rings Opening Bell

Musk rings the opening bell on the New York Stock Exchange via videolink as SpaceX made its historic debut on Wall Street.

Musk was at SpaceX Starbase, SpaceX’s rocket launch site on the Texas coast, while a team of SpaceX are in NYC for the IPO.

“It’s certainly hard to believe that this little company that started in a warehouse in El Segundo is now going public with the largest IPO ever.”

“Let me tell you, if people had told me this was going to happen, I would have said ‘Man, you must be smoking some really good crack, because I think this company’s going to fail.’”

Musk said SpaceX aims to take the fiction out of science fiction and wanted to make space travel available to everyone.

“We want to take you there. Not just a few astronauts, literally you.”

9:57 (EDT) SpaceX to Open At US$174

SpaceX shares indicated to open at $174.

This is based on the auction process taking place on the Nasdaq right now.

This would push up share prices by 29% and push up SpaceX’s valuation to US$2.28T from US$1.77T.

10:44 (EDT) Goldman CEO David Solomon Makes First Tweet On X

The largest IPO in history made Goldman CEO David Solomon make his first post on X despite joining the site in 2013.

“Congratulations to SpaceX on today’s $75B IPO, the largest ever brought to market.

Goldman Sachs is honored to have served as lead left bookrunner on this transaction, but more than that, we are proud of the strong partnership our people have built with the SpaceX team over the long term. I’ve known Elon for more than 15 years, as have several of my colleagues, and it’s been incredible to see his vision come to life and to work with Gwynne, Bret, and the entire team.

We are excited as SpaceX enters this new chapter of its journey as a public company, and we look forward to supporting their mission of advancing the frontier of human space exploration.“

Goldman Sachs served as the lead-left bookrunner and lead underwriter for SpaceX’s historic IPO. It acted as tge primary bank on the transaction.

10:55 (EDT) SpaceX Share Price Slipping

SpaceX shares are indicated to open at US$168, down from the previous reported price of US$174 20 minutes after the market opened.

11:02 (EDT) SpaceX Execs Arrive At Morgan Stanley HQ

Senior SpaceX executives have arrived at Morgan Stanley headquarters right next to the Nasdaq’s office.

Morgan Stanley will be the one setting the opening price from their trading floor.

Morgan Stanley will play a key role in managing the “green shoe” option.

Underwriters typically sell more shares than the official offering size. If the stock begins to dip, they can buy shares in the open market to help stabilise prices. If demand remains strong, they can instead acquire the additional shares directly from the SpaceX.

11:03 (EDT) SpaceX COO and President Comments

Ahead of the IPO, SpaceX president and COO, Gwynne Shotwell, said in a CNBC interview investors should keep an eye on:

• Progress on Starship, the fully reusable rocket, key in the company’s future plan of space tourism.
• Consumer growth for Starlink, the satellite internet service.
• xAI, SpaceX will launch full AI1 satellites late next year.

Shotwell says the company is looking to attract long-term investors.

11:29 (EDT) Opening Price Slips Down Further

Opening price is indicated to be US$160

This is still 18.5% above the original price of US$135.

11:36 (EDT) Opening Price Dips Again

The Nasdaq is now indicating an opening price of US$151, still 12% above the IPO price of US$135.

Price discovery auction continues. This is where Nasdaq collects and matches buy and sell orders, to ensure a smooth start to opening. It’s still ongoing.

11:50 (EDT) SpaceX Price Jump To US$150 At Open