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Yahoo Finance Senior Reporter Brooke DiPalma joins Market Domination to tackle today's top trending tickers, including the momentum driving SpaceX (SPCX) shares in Friday's session after the company's IPO, the impact it is having on other space stocks Virgin Galactic (SPCE) and Rocket Lab (RKLB), and how semiconductor stocks such as Micron Technology (MU) and Nvidia (NVDA) are moving on the historic public offering.
The official trading debut of SpaceX stock has triggered a dramatic unwinding of proxy trades that investors had been using to gain indirect exposure to the space giant.
Investing.com -- Elon Musk’s SpaceX on Thursday said that it has priced its initial public offering at $135 per share on Thursday, raising $75 billion in the largest IPO in U.S. history.
EchoStar stock has been struggling lately and it could bode ill for the coming SpaceX initial public offering on Thursday. SpaceX is one the best proxies for SpaceX because the satellite company reached a deal last year to sell spectrum to SpaceX in return for about 2% of SpaceX stock—some 262 million shares. EchoStar stock has nearly doubled since the first of two spectrum deals was reached with SpaceX in September.
Shares of space and satellite companies surged in premarket trading on Tuesday, extending the sector’s recent rally following SpaceX’s public filing for what is expected to become the largest initial public offering ever launched. Redwire (NYSE:RDW) climbed 15% ahead of the opening bell, while MDA Space (NYSE:MDA) advanced 13%.
EchoStar provides one of the few public market ways to get exposure to SpaceX before the IPO.
AST SpaceMobile gained attention after SpaceX identified the company as a competitor in satellite-to-mobile connectivity.
The rocket maker’s IPO filing outlines billions in AI spending, Starship development, and Elon Musk’s effort to combine launch systems, satellite internet, social media, and artificial intelligence under one company.
EchoStar has emerged as one of the leading plays on SpaceX since the company got a 2%-plus stake in Elon Musk’s company in return for some of EchoStar’s spectrum. The IPO could value SpaceX at $1.5 trillion to $2 trillion, making it one of the more valuable companies in the world. EchoStar stock has doubled since the initial spectrum deal in September and finished Monday at $136.45, down 0.5% on the session.
These companies own or plan to own a respectable stake in SpaceX.