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Stock's on the move. I'm Charlie Pella joining us now Bloomberg's Avalon Parnell Avalon. We got to begin with the big stock story of the day, the IPO SpaceX. How is it greeted by Wall Street?
Absolutely, that's ticker SPCX currently jumping about twenty three percent after its record seventy five billion dollar IPO company trading right around one hundred and seventy dollars, which is far above it's one hundred and thirty five dollars IPO price, and that move instantly making the company one of the most valuable in the world and minting Elon Muskus the world's first trillionaire. But what I would actually say is really worth noting is that we got some trading insight
from Vanda Research. They say SpaceX is on track to break the record for ip debuts, at least where retail investors are concerned. SpaceX is now the most bought stock by retail investors today.
There's a function I love to run on the Bloomberg and that is you pull up the equities and what you do is you then run RV to find out how other similar stocks are doing. I want to talk a little bit about EchoStar because well, I'll let you tell the story what EchoStar does and why it is being affected by the SpaceX IPO.
Yes, that's ticker SATs. It is currently slighting about twelve percent most intra day since last August, and that is because EchoStar is actually kind of confusing tdcowan analyst, saying that some of this sell off is driven by profit taking from SpaceX's IPO. However, it is worth noting that EchoStar has about a two percent stake in SpaceX, which made it a very popular way for some traders to
indirectly invest in SpaceX. However, TDAS is saying that now some investors are shifting to own SpaceX directly, especially since EchoStar does not actually receive shares until November twenty two, twenty seven.
All Right, another stock that is moving on the SPACEXIPO, and that is ASTs. That's the ticker AST. Space Mobile not a company that we talk about that often. What do they do and why are they moving on the spacexipo.
Yes, this is another space related name, currently falling about fifteen percent to hit its lowest inter day level in about a month. I'm sure you already know rocket, satellite and space linked companies are sliding as investors race toward Elon musk Ipo. Joe Gilbert at Integrity Asset Management actually telling us that SpaceX is just going to continue to take all the oxygen out of the space and absorb a lot of dollars in interest, and that's really what
we've been seeing in the markets. Those moves also underscoring how speculative the space business remains, with SpaceX really securing a market valuation that's some one hundred times larger than its annual revenue. However, it is worth noting that ast space mobile still has surged more than seven hundred and fifty percent in the last two years.
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