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SpaceX shares debuted this Friday on the Nasdaq under the ticker SPCX and opened at $150, 11% above the set offering price of $135. Elon Musk’s company raised $75 billion in the largest initial public offering in history, with a valuation exceeding $2 trillion.
The debut comes at a time when gold has fallen 9.9% over the last month and is posting its second consecutive week of declines. The new star investment is hitting the market just as the precious metal is going through its worst moment in years.
How is SpaceX trading and why is it the new star investment?
SPCX shares reached $176.52 on their first day of trading, with a trading range between $150 and $176.52. The resulting valuation exceeds $2.2 trillion, above Tesla and among the most valuable companies in the world.
About $15 billion of the total raised came from retail investors, an unusually high retail participation. Analysts warn that the stock will remain volatile in the coming days.
Where can you buy SpaceX (SPCX) shares?
- Ticker: SPCX on the Nasdaq
- Offering price: $135 per share
- Available platforms: Robinhood, Fidelity, Charles Schwab, SoFi, E-Trade
Why is gold falling and what is its worst moment in years?
Gold has recorded a 9.9% decline over the last month and is posting its second consecutive week of losses, pressured by expectations of rate hikes and the conflict in Iran. Several central banks, including Turkey and Russia, sold reserves of the metal to defend their currencies.
Monetary tightening on both sides of the Atlantic made it more expensive to hold gold, which does not pay interest or dividends. ETF holdings of the metal have recorded net outflows of 55 tons over the past three months.
Factors explaining gold’s decline
- Middle East war: central banks sold reserves to defend their currencies.
- Rate hikes: the Fed and the ECB are maintaining a restrictive policy.
- Gold ETFs: net outflows of 55 tons between March and May.
- Retail investors: reversed positions after months of record buying.