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AST SpaceMobile just priced its second billion-dollar convertible raise of the year and shares are sliding hard, but buried in the filing language is a clue about where that cash may actually be headed.
SpaceX has surrendered every post-IPO gain in five weeks, landing back at its offering price while one analyst quietly models a valuation that dwarfs the entire cloud computing industry. The question is whether that call is visionary or delusional.
Shares of Elon Musk's rockets-to-AI firm SpaceX dropped nearly 9% on Thursday, as the post-IPO frenzy that briefly placed it among the top five most valuable companies of the world appeared to fizzle out. Its shares were last down 8.8% to $174.8, after falling nearly 5% in the last session. Despite the losses, the stock still traded more than 29% above its $135 offering price.
S3 Partners said short exposure of $118.3 million exceeds the combined active and passive institutional long positions.
ASTS faced additional pressure after Blue Origin's latest New Glenn anomaly.
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