Musk's SpaceX continues surge above $135 IPO price as Vietnam comes onboard
An Elon Musk victory lap could be on the horizon as SpaceX (NASDAQ: SPCX) backed its first close above its $135 IPO price for the first time in a while with news that it will help Vietnam’s VinSpace launch its first satellites in 2027.
The Tuesday announcement puts Musk’s rocket firm solidly in another country’s space ambitions after the ruling communist party named space technology a national strategic priority for the first time in 2024. Vietnam sent its batch of satellites to orbit in 2008 with VINASAT-1.
SPCX rises above water after rough month
SpaceX is setting up for its strongest run in weeks as its SPCX stock closed Monday trading at $138.74, up 4.2% for the session.
The climb is the latest round on a rollercoaster ride that started since SPCX opened at $150 after being priced at $135 on June 12. It touched an intraday high of $225.64 on June 16, then slid to a low near $105 in early August.
The Monday surge topped off the biggest single-day jump the stock posted on Friday, August 7, when SPCX gained roughly 16% in a single session.
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