Good morning. Elon Musk is taking SpaceX public his way. Rather than following the Wall Street convention of setting a price range ahead of the IPO marketing process, SpaceX priced its offering at a single fixed price of $135 per share, a move that signals confidence in demand but is raising eyebrows among market watchers.
“This would be very unconventional, but the market will see this as a sign of confidence on the SpaceX IPO, while others could see it as a head-scratcher,” Dan Ives, managing director and senior equity analyst at Wedbush Securities, told me. “But it’s Musk and anything is on the table.”
