TNB Tech Minute: SpaceX Stock Surges Nearly 20%

Speaker 10:00

Many companies are struggling to scale their AI deployments or even move them past the pilot stage. Often the problem isn't technology, but organizational misalignment around goals, processes, and incentives. At the break, join Caroline Roach, a senior partner at IBM Consulting, to learn why.

Julie Chang· Host0:14

[upbeat music] Here's your afternoon TNB Tech Minute for Monday, June 15th. I'm Julie Chang for The Wall Street Journal. Shares of SpaceX closed up nearly 20% today. Elon Musk's company debuted on the NASDAQ last week and pulled off the largest initial public offering ever. In a press release today, SpaceX said it raised $85.7 billion in its IPO. That's up from the $75 billion that the company initially sold in its public offering on Friday. The additional proceeds come from underwriters exercising their so-called green shoe option, an over allotment of more than 83 million additional shares. Plus, we exclusively report that Australia's richest person, Gina Rinehart, has acquired a stake in SpaceX valued at over $1 billion. This marks the largest non-iron ore investment for her company, Hancock Prospecting, which is one of the world's biggest exporters of the steelmaking commodity. In email remarks today, Rinehart expressed confidence in Musk and emphasized the need to keep investing in Western tech and innovation. Rinehart didn't specify the value of the investment, but a person familiar with it said it was valued at over a billion