SpaceX is trading like a $2 trillion meme stock after its record IPO
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SpaceX’s first week as a public company is starting to look less like a conventional stock-market debut and more like a high-leverage crypto asset.
Key facts
SPCX traded at $222.52 over the past 24 hours, up $48.12, or 27.6%, according to CoinGlass data
CoinGlass data showed more than $30 million in SPCX positions liquidated over 24 hours as price volatility exceeded 35%
The stock rose as much as 13% to $210 in early market trading, according to Yahoo Finance data
The company sold 555.6 million shares in its IPO, raising $75 billion
Summary
01 SpaceX shares climbed as much as 13% Tuesday and are now more than 50% above the $135 IPO price. 02 Its tiny public float is amplifying demand from retail traders, index funds and crypto futures users, pushing prices sharply higher. 03 That same setup could reverse if more shares unlock or traders shift from momentum to fundamentals, exposing the valuation gap. Shares of Elon Musk-led company, trading under the ticker SPCX, extended their post-IPO rally Tuesday as investors piled into one of the smallest public floats ever attached to a company valued in the trillions of dollars.