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SpaceX President Says No to IPO
On Wednesday, SpaceX’s President, Gwynne Shotwell shot down any notion that the company was prepping for an initial public offering. In an email reply to Reuters, Ms. Shotwell said the rumors that her company was going public were “not true.”
SpaceX is known for their advanced rockets and spacecraft, and was founded by Tesla (TSLA - Free Report) chief executive and serial entrepreneur Elon Musk in 2002. The chances for a SpaceX IPO in the near future, however, seem highly unlikely, and even Musk has said that he doesn’t want to take the company public until its Mars Colonial Transporter is able to shuttle passengers between Earth and Mars.
And, SpaceX doesn’t necessarily need to go public because its financials are fairly stable. Not only does it have private investors, but the company also has a $1.6 billion contract with NASA to resupply the International Space Station, providing a solid source of revenue. It also doesn’t hurt that SpaceX is reportedly profitable. The rocket company’s most current valuation is somewhere between $10 billion-$12 billion back in January 2015, though it likely has increased since then.
Looking at the broader IPO market, there have been 45 IPOs priced in 2017 so far, with total proceeds of $13.7 billion raised, notes Renaissance Capital. Retailers like Canada Goose (GOOS - Free Report) and J. Jill (JILL - Free Report) have hit the market, despite a rocky retail environment, as well as many tech companies like Snapchat parent Snap (SNAP - Free Report) , MuleSoft , and Cloudera . For more information on how to play the hottest IPO market in years, listen to the latest episode of Zacks Market Edge:
Stocks that Aren't in the News…Yet
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