space x Shares held steady in pre-market trading Thursday, although recent stock gains showed signs of slowing following last week’s record IPO.
Elon Musk’s space and AI company made a historic debut last week, sending its shares up more than 40% after offering shares at a set price of $135.
But investors’ bullishness showed signs of waning on Wednesday, with the stock down 5%. Shares were up 0.3% in premarket trading.
SpaceX stock price for the past 5 days.
SpaceX quickly became one of the most valuable companies in the world after going public, with a market capitalization of Amazon And — easily — microsoft. The company was valued at $2.52 trillion at market close on Wednesday, just below Amazon.
The rocket maker announced Wednesday that it will add Roelof Botha, a longtime friend and ally of Mr. Musk, to its board of directors.
Mr. Botha will immediately take up his post as an independent director and member of the audit committee. In addition to his roles as CEO and head of technology, Botha will become SpaceX’s eighth director, of which Musk is chairman.
Musk controls more than 82% of SpaceX’s voting power and owns more than $1 trillion worth of company stock. In this governance model, external shareholders have little ability to influence.
In a post on X on Sunday, Musk said the company “could reach” sales of about $1 trillion by 2030.
—CNBC’s Lora Kolodny contributed to this report.
