핵심요약

• 최종 IPO 가격 135달러로 기업 가치 1조 7700억 달러 평가
• 역사상 최대 규모의 상장으로, 나스닥 거래 시작
• 모닝스타 분석가들, 재무 상태 고려 시 과대 평가되었다고 지적
• 스타링크 위성 인터넷, 인공지능 분야에서의 야망 강조

도입

이번 스페이스X의 IPO는 투자자들에게 여러 가지 의미를 지닙니다. 우선, 역사상 최대 규모의 상장으로서 시장 반응을 주목받고 있으며, AI 관련 주식에 대한 수요를 가늠하는 중요한 지표가 될 전망입니다. 또한, 엘론 머스크의 리더십과 회사의 미래 성장 가능성에 대한 평가도 중요한 변수로 작용할 것입니다.

본문 1: 역사적 규모의 IPO와 시장 반응

스페이스X의 IPO는 최종 가격 135달러로 기업 가치를 1조 7700억 달러로 평가받으며, 역사상 최대 규모의 상장이 될 전망입니다. 이는 이전 기록을 크게 뛰어넘는 수치로, 투자자들의 높은 기대감을 반영하고 있습니다. 그러나, Facebook의 2012년 IPO 당시 발생한 기술적 문제들이 재현될 가능성도 배제할 수 없습니다. 이처럼 대규모 IPO는 시장 인프라에도 부담을 줄 수 있습니다. 따라서, 스페이스X의 상장이 순조롭게 진행될지 여부는 아직 불확실합니다.

본문 2: 과대 평가 논란과 재무 상태

모닝스타 분석가들은 스페이스X가 재무 상태를 고려할 때 과대 평가되었다고 지적하고 있습니다. 회사는 아직 수익을 내지 못하고 있으며, 이는 투자자들에게 우려의 대상이 될 수 있습니다. 특히, AI와 위성 인터넷 분야에서의 야망이 현실화될 수 있을지 여부가 중요해집니다. 만약 이 분야에서 성공을 거두지 못한다면, 기업 가치는 급격히 하락할 가능성도 있습니다. 따라서, 투자자들은 스페이스X의 재무 상태와 성장 가능성을 신중하게 평가해야 합니다.

본문 3: 일반 투자자 참여의 의미

이번 IPO를 통해 일반 투자자들도 스페이스X의 주식을 구매할 수 있게 되었습니다. 이는 그동안 벤처 캐피탈과 기관 투자자들에게만 제한되었던 투자 기회가 확대되는 것을 의미합니다. 그러나, 일반 투자자들은 스페이스X의 기술적 리스크와 시장 변동성에 대한 이해도가 낮을 수 있으므로, 신중한 투자가 필요합니다. 또한, 스페이스X의 주식이 상장 후 급등하거나 급락할 가능성도 고려해야 합니다.

결론

스페이스X의 IPO는 역사적 규모의 상장으로서 시장 반응을 주목받고 있습니다. 그러나, 과대 평가 논란과 재무 상태, 기술적 리스크 등을 고려할 때, 투자자들은 신중한 접근이 필요합니다. 앞으로 스페이스X가 AI와 위성 인터넷 분야에서 성공을 거두고, 안정적인 수익을 낼 수 있을지 여부가 중요해질 전망입니다.

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원문 링크: https://www.nbcnews.com/business/business-news/spacex-ipo-trading-price-rcna349225?.tsrc=rss

SpaceX locks in IPO price of $135, making it largest stock debut ever

SpaceX on Thursday set its final IPO price at $135, the last stage in a long-running process to bring Elon Musk’s space and AI conglomerate public. The company, which also owns the X social media network, will begin trading Friday at a valuation of $1.77 trillion. The initial public offering, which could be a referendum on Musk himself, is also going to be the latest major test of red-hot demand for the artificial intelligence boom. It could also test the mechanics of the market itself. When Facebook’s massive IPO debuted on the Nasdaq exchange in 2012, technical glitches delayed its opening. SpaceX will also trade on the Nasdaq and is set to be three times larger than the prior largest IPO on record. But the implications of this IPO stretch far beyond the opening trade. For years, SpaceX was largely accessible only to venture capital firms, institutional investors and a small group of private shareholders. Now, ordinary investors will have their first chance to buy into one of the most closely watched companies in the world. “The world will get its arms around and understand what we’ve been able to follow for a number of years now,” said Dan Hanson, senior portfolio manager at Neuberger Berman, whose fund invested in SpaceX while it was still private. Hanson said investors should think of SpaceX not just as a rocket company, but as a combination of its launch business, Starlink satellite internet network and artificial intelligence ambitions. “This team is just getting started,” he said. “There’s a significant opportunity for them to create value as they execute.” Not everyone agrees. Even before its debut, some have doubted if the offering is pushing the bounds of reality. Analysts at Morningstar wrote last week that they believe the company is “overvalued” given its financials. SpaceX had been aiming to go public at a value of more than $2 trillion, however that has since been trimmed to about $1.7 trillion. For context, the company has yet to generate a profit and produced roughly $19 billion in revenue last year. “We value SpaceX at $780 billion,” the analysts wrote. “With a small initial float boosted by almost every investment bank on the planet, buoyant investor appetite for AI infrastructure bids, and an unprecedented path to inclusion in the Nasdaq 100 Index just 15 trading days after the IPO, we expect SpaceX’s share price will likely survive separation and even ascent toward orbit, at least for a time,” the authors continued. A company’s “float” is how many of its shares are made available to buy by the public. And unlike most major IPOs, SpaceX is expected to reserve an unusually large portion of those shares for individual retail investors. The company is targeting roughly 30% retail participation, compared with closer to 10% in a typical IPO. “30% is actually quite high,” said Edward Best, co-chair of the capital markets practice at Willkie Farr & Gallagher. “I imagine [part] of this was Elon Musk,” Best said. “A lot of individuals just believe in the aura or the mystique of Elon Musk and want to participate.” Not everyone who wants shares will get them. Demand for the offering is expected to far exceed the number of shares available, meaning many investors could receive only a fraction of the stock they request — or none at all. That’s a common feature of highly anticipated IPOs. But most investors might not even need to actively participate. Recent changes made by major stock exchanges like the New York Stock Exchange (NYSE) and the Nasdaq mean newly public companies can be added to passive index funds such as the S&P 500 and the Nasdaq 100 almost immediately. That means trillions of dollars of retirement savings and pensions could end up buying into these companies despite the overarching questions around their financials. “It’s been a little bit of a manufactured drama around this idea of index inclusion,” Hanson said, arguing that any company valued as much as SpaceX “should rightfully be in public market indexes.” “It may be volatile,” he admitted. “[But] that’s the beauty of an index, where it’s very highly diversified,” meaning lots of different companies exist within the fund and can therefore offset those more volatile names. Still, others have criticized the fast-tracked timelines, especially since it’s not just SpaceX. Fellow AI giants Anthropic — the maker of the Claude chatbot — and OpenAI, the parent company of ChatGPT, will also go public this year. Keith Snyder, senior equity analyst at CFRA research, said companies once needed to be “very stable” and “a bellwether” to be included in the major indexes. “And these companies are about as far from stable as you can get,” he said of the upcoming IPOs. “They’re bleeding cash at ridiculous rates.” But that hasn’t stopped the demand. Taken together, the public debuts could help define the next chapter of the IPO market, which has yet to fully recover from the slowdown that followed the Federal Reserve’s aggressive interest rate hiking campaign beginning in 2022. “This will be a ‘top-heavy’ IPO boom,” Matt Kennedy, senior strategist at Renaissance Capital, wrote in an email response to NBC News. “Just one of these mega-IPOs — SpaceX, OpenAI, or Anthropic — could raise more money than every other deal, combined.” He estimates SpaceX alone is expected to raise more money than all U.S. IPOs in 2024 and 2025 combined. That could push 2026 into the record books, though Kennedy cautions the strength is concentrated among a small group of companies. “A few sectors are on fire, but the IPO recovery is still fairly narrow,” he said. The distinction is important. While investor enthusiasm for AI has fueled demand for a handful of marquee offerings, many startups are still struggling to bridge the gap between the valuations they want and what public investors are willing to pay.

Source: https://www.nbcnews.com/business/business-news/spacex-ipo-trading-price-rcna349225?.tsrc=rss