SpaceX completed its largest initial public offering (IPO) to date, raising $85.7 billion as shares surged 19% to close at $160.95 on their first day of trading. The rocket and satellite company’s stock market debut on Friday significantly boosted the net worth of Saudi billionaire Prince Alwaleed bin Talal, whose Kingdom Holding Co. owns tens of millions of SpaceX shares, pushing his stake value close to $7 billion, according to livemint.com.
The IPO marked a major milestone for Space Exploration Technologies, commonly known as SpaceX, which has been privately held since its founding. The company’s shares opened strongly and maintained gains throughout the day, reflecting strong investor demand. Prince Alwaleed’s Kingdom Holding Co. saw its market value rise sharply at the opening bell on Sunday, driven by the stock’s performance, as reported by livemint.com.
SpaceX’s $85.7 billion raise sets a new benchmark for IPOs in the aerospace and technology sectors, underscoring investor appetite for space-related ventures. The company’s debut valuation and share price performance outpaced many recent tech listings, positioning SpaceX among the most valuable publicly traded firms in the industry. This IPO follows a growing trend of space companies accessing public markets to fund ambitious projects, as noted by techcrunch.com.
Prince Alwaleed bin Talal’s stake in SpaceX now approaches $7 billion, making it one of the most valuable holdings in his portfolio. The company’s stock price closing at $160.95 on its first trading day reflects strong market confidence. SpaceX’s IPO filing and trading data were confirmed by livemint.com and techcrunch.com.