SpaceX Soars, ECB Hikes: Market Turbulence Ahead
Elon Musk's SpaceX made history yesterday by raising $75 billion in its initial public offering (IPO), valuing the company at nearly $1.8 trillion.
This valuation equals the combined value of the 29 biggest IPOs in US history since 2000, adjusted for inflation, including Meta, Google, Hilton, Airbnb, DoorDash, Uber, Snowflake, and GM.
The company sold 555.6 million shares priced at $135 each, far exceeding its initial target.
In related news, the European Central Bank (ECB) hiked interest rates for the first time in almost three years to combat inflation that has spiked past 3% amid rising energy prices.
The ECB's decision is expected to slow growth and increase borrowing costs for companies and households, but may not have a significant impact on inflation due to its external shock origin.