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SpaceX launches 'Cygnus XL' cargo spacecraft
More than 11,000 pounds of scientific research and cargo were launched to the International Space Station aboard Northrop Grumman’s Cygnus XL spacecraft as part of the company’s Commercial Resupply Services-24 mission. The spacecraft lifted off on a SpaceX Falcon 9 rocket from Space Launch Complex 40 at Cape Canaveral Space Force Station in Florida.
Space X’s highly anticipated stock market debut is shaping up to be the largest in Wall Street history.
Elon Musk’s rocket and satellite company is expected to go public in June in one of the biggest Wall Street events of the year. Investment banks are lining up to fund Musk’s ambitions to set up a base on the moon, put data centers the size of several football fields in orbit, and possibly one day send a man to Mars.
Here’s how the SpaceX IPO compares to other blockbusters on Wall Street:
SpaceX IPO
The backstory:
Founded in 2002, SpaceX has soared to the top of the industry, accounting for more than 80% of rocket launches worldwide last year, according to Fortune. It has more than 10,000 Starlink satellites in orbit.
FILE: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany. (Photo by Hannibal Hanschke-Pool/Getty Images)
By the numbers:
According to Reuters, SpaceX could be valued at roughly $1.75 trillion at the time of its stock market debut, with a listing size of $75 billion. That would make it the largest IPO in Wall Street history – by a lot.
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SpaceX’s proposed operating structure would give Musk "nearly unchecked" executive power, Reuters reports: The only person who could fire Musk is Musk himself.
What they're saying:
"Never bet against Elon," an investor told The Financial Times.
The other side:
CNBC’s "Mad Money" host said despite widespread investor enthusiasm, he has concerns that the stock could fuel "speculative excess."
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"Remember what I always say: The stock market, like any other market, is all about supply and demand," he said. "Too much supply and the market breaks down."
"If SpaceX issues just a sliver of stock...this company could have a $5 trillion valuation," he said. "SpaceX would create a bubble unto its own."
Biggest US IPOs
When is the SpaceX IPO?
Timeline:
According to Reuters, SpaceX has moved up its IPO timeline and is now aiming for a roadshow launch on June 4 and a debut as early as June 12.
One reason for the accelerated timeline is the quicker-than-expected review of the company’s filings with the U.S. Securities and Exchange Commission.
Where will SpaceX list shares?
What's next:
Reuters reports that SpaceX has sought to be listed on the Nasdaq index. SpaceX didn’t respond to Reuters’ requests for comment, and Nasdaq declined comment.
The Source: This report includes information from Reuters, The Financial Times, CNBC and Renaissance Capital.