{"text":[[{"start":6.9,"text":"SpaceX shares climbed almost 20 per cent on Monday, building on a blockbuster debut that transformed Elon Musk’s lossmaking AI, satellite and rocket company into one of the most valuable in the world."}],[{"start":19.85,"text":"The shares, which were sold for $135 apiece, rose to $192. They closed up 19 per cent at $160.95 on their first day of trading on Friday, with more than $80bn of shares trading hands following an initial public offering that raised a record $75bn."}],[{"start":39.85,"text":"Monday’s 19.6 per cent rally means SpaceX boasts a market valuation of about $2.5tn, making it the world’s sixth-largest company. Musk last week became the world’s first trillionaire and the group plans to channel the proceeds of its historic IPO into a range of ambitious projects, from its skyscraper-sized reusable Starship rocket to building a vast network of orbital AI data centres."}],[{"start":67.65,"text":"Investors have raced to back SpaceX despite the company’s lofty valuation and a corporate governance regime that gives Musk complete control. "}],[{"start":76.60000000000001,"text":"Analysts at its lead underwriter Goldman Sachs have predicted a 100-fold surge in its AI revenues to $322bn by 2030. Morgan Stanley, which also played a prominent role in last week’s IPO, estimated SpaceX’s overall revenue would increase 180-fold to $3.4tn by 2040, up from $18.7bn last year."}],[{"start":102.10000000000001,"text":"The two Wall Street banks each took $100mn from the $500mn fee pool, by far the largest IPO windfall on record."}],[{"start":111.55000000000001,"text":"SpaceX’s inclusion in passive index-tracking funds linked to the Nasdaq, FTSE and MSCI is expected to hand the stock a boost in coming weeks."}],[{"start":120.45000000000002,"text":"The arrival of SpaceX, whose businesses include social media platform X and AI lab xAI, is set to help pave the way for Anthropic and ChatGPT developer OpenAI, both of which are working on their own trillion-dollar listings this year."}],[{"start":136.3,"text":"Nerves about the market’s ability to soak up this wave of issuance have intensified in recent weeks. Alphabet raised nearly $85bn in equity earlier this month to fund its AI investment spree shortly before the FT reported that Meta is considering raising tens of billions of dollars in a stock offering to plough into chips and data centres."}],[{"start":158.15,"text":"“We think market absorption of this supersized equity issuance is a real risk to watch but not on its own a reason to question the AI fundamentals,” analysts at BlackRock said in a note on Monday."}],[{"start":169.75,"text":"The world’s largest asset manager requested more than $5bn in SpaceX shares in the run-up to the rocket company’s market debut. "}],[{"start":185.25,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1781570303_7869.mp3"}