Elon Musk’s space company SpaceX has applied for an IPO in New York, and a listing is expected to take place as early as June 12. The company is valued at a staggering $2 trillion and, according to information provided to Bloomberg, the listing will raise $75 billion in new capital.
Interest in participating is considered high. Investors have high hopes for a stock market rally relative to the subscription price, even though the valuation will be high. The subscription price has not yet been determined.
“The advance tip must still be that the stock will rise on the first trading day,” says Carl-Henrik Söderberg, savings economist at Nordnet.
Usually
But as a Swede, being able to subscribe for shares on any Swedish platform ahead of the listing will likely be difficult or impossible, according to online brokers Nordnet and Avanza. This is usually the case with American stock market listings.
Then, as a small investor, you have to hope that the share will climb after the listing and buy in then.
But as is usual with stocks and IPOs, far from everyone praises the stock after the initial hype. Carl-Henrik Söderberg cites the listing of the payment company Klarna on the US stock exchange as an example, even though the Swedish company can hardly be compared to SpaceX in other respects.
“The technical risk is high, there is so much happening that it is redrawing the map. Klarna was very hyped and there was a certain frustration that, as a Swede, you couldn’t subscribe to shares and it went strong at first. Now it is down 65 percent from the IPO,” he says.
American-owned
Interest among Swedish stock investors in American technology stocks is already high. Among Avanza’s customers, approximately 7 percent of the capital is in the seven so-called Magnificent 7 companies (Nvidia, Amazon, Meta, Alphabet, Tesla, etc.). Among Nordnet’s Nordic customers, 93,000 people own Nvidia shares, making it the second most-owned stock.
Added to this are Swedes who own funds where these US giants are often a large holding in the portfolio.
OpenAI, the company behind the AI service ChatGPT, is also on its way to the stock exchange after the summer, according to media reports. The same situation will likely apply to Swedish small investors then – it will be difficult or impossible to subscribe for the shares before the listing.
SpaceX was founded in 2002 and is led by the world’s richest man, Elon Musk. It is a leader in building rockets for space travel, and today supplies both the US space agency NASA and the Pentagon. The company’s portfolio also includes satellite systems such as Starlink.
SpaceX merged with Musk’s AI venture XAI in February earlier this year. XAI, in turn, owns the X platform (formerly Twitter).
