Plus: Major banks rake in the IPO fees. And anticipation of IPOs by SpaceX and others is causing bitcoin selloffs. Julie Chang hosts.
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[00:00:01] Here's your afternoon TNB Tech Minute for Friday, June 12. I'm Julie Chang for The Wall Street Journal. It's official! SpaceX launched its initial public offering on the Nasdaq today. By this afternoon, shares were up about 30% over their opening price of $135 as a largest-ever IPO.
[00:00:24] When the stock opened trading, the initial climb gave it a market cap above $2.2 trillion, making it the sixth most valuable U.S.-listed company and minting CEO Elon Musk as the first-ever trillionaire. High trading volume even caused outages over at Robinhood for some users. Meanwhile, banks are also raking it in. According to a filing and people familiar with the matter,
[00:00:50] the total fee pool for SpaceX's IPO is around $500 million. Lead banks Goldman Sachs and Morgan Stanley will take home the lion's share of that, getting about $100 million a piece. Bank of America, Citigroup, and JPMorgan Chase are each expected to earn around $75 million, and several other banks are set to earn around $10 million or less each.
[00:01:13] Finally, anticipation over the SpaceX IPO and others expected from OpenAI and Anthropic is seen as prompting outflows from Bitcoin ETFs. A note by Coinbase Institutional says that the SpaceX IPO is competing directly for the same funds as those invested in crypto. Bitcoin is up less than 0.5% at about $63,700.
[00:01:38] And that's your TNB Tech Minute. Check back Monday morning for another Quick Tech Update. Attention all passengers. The Uber ride for Jeff's rugby team will depart in five minutes from Platform 15. Your ride comes with six toilets and a refreshments carriage that you'll empty within five minutes. Thank you for booking your tickets on Uber. Trains on Uber Trains on Uber