SpaceX (SPCX) continues its rapid rise after the IPO. On the second day of trading, the shares held near the $178 mark, 32% above the offering price of $135 set last week.
The sharp surge in quotes drew heightened investor attention to the lineup of leveraged exchange-traded funds issued on the basis of the new ticker.
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SpaceX Shares Rose for the Second Day in a Row
SPCX trading began on June 12 at a price of $135 per share. During the offering, the company raised about $75 billion, the largest IPO in the history of the global market. The process was organized by the investment bank Goldman Sachs. Investors submitted bids for roughly $250 billion, so the book was oversubscribed more than threefold even before the official market debut.
Thanks to this result, the company more than doubled the previous world record — the $29.4 billion offering of oil giant Saudi Aramco in 2019. On Friday, the SPCX price jumped about 19% to $160.95, and on Monday quotes rose to $192.
SpaceX's market capitalization after its Nasdaq debut is estimated at about $2.3 trillion. The company landed among the most valuable public companies in the world, and Elon Musk retained his status as the first trillionaire — albeit only on paper for now.
The enormous volume of bids is a telling example. Experts are trying to understand whether the secondary wave of demand reflects real, sustained demand, or whether the market still simply has speculative froth left over after the record oversubscription.
ETF Issuers Catch the Wave
On Monday, the management company GraniteShares launched the 2x Long SpaceX Daily ETF (SPAL) and 2x Short (SNK) funds. At the same time, provider Defiance brought its own double long strategy (SPCU) to market. The SPAL fund has a fee of 1.50%. The instrument rebalances positions daily. As the managers themselves note, such a product is intended solely for short-term trading, not for long-term investment.
Source: BeInCrypto
