RESOLVING THE LEDGER
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Space Exploration Technologies (NASDAQ: SPCX) executed a flawless IPO . At least that's the way things began. The company's underwriters rapidly sold all available stock, triggering "greenshoe" options that ultimately netted SpaceX $85.7 billion in proceeds. Shares quickly skyrocketed well above $200 despite an initial IPO price of $135. And SpaceX took advantage of the enthusiasm by executing a scaled-up $25 billion bond offering .
Since shares reached an all-time high of $225.64 on June 15, with a peak valuation of around $3 trillion, SpaceX stock has fallen off a cliff. Shares are currently 34% lower than that peak, leaving many investors underwater.
Still, SpaceX is now armed with capital, especially considering its $60 billion acquisition of AI tooling start-up Cursor was paid for in stock, not cash. Regardless of where the stock price goes from here, expect SpaceX to go on a spending spree.
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