Space stocks trade volatile as SpaceX, Rocket Lab and AST SpaceMobile lead
U.S. space and satellite names are lower as the week starts, after SpaceX’s public float reset sector valuations. SpaceX finished Friday at $160.95, up 19.2% from its $135 IPO price. The gain pushed its market value to about $2.1 trillion. The company raised $75 billion in what now stands as the biggest-ever IPO, selling shares to public investors for the first time. SpaceX's rally was bullish for space exposure, but existing space stocks got hit. Rocket Lab and Planet Labs each lost about 8% on Friday, Reuters said. Intuitive Machines fell 11%. AST SpaceMobile dropped more than 12%. Virgin Galactic slid 28% as investors took profits after a lengthy run-up in the sector. “The space sector has seen a strong run up,” Chris Beauchamp, chief market analyst at IG Group, told Reuters. He said investors may worry “the hype can’t quite live up to expectations.”