5 Stocks That Absolutely Exploded Higher

2. Space Exploration Technologies Corp. (NASDAQ:SPCX)

Elon Musk-led Space Exploration Technologies, more commonly known as SpaceX, became one of the most valued companies in the US stock exchange following its initial public offering that saw its valuations soar to more than $2 trillion.

During the session, Space Exploration Technologies Corp. (NASDAQ:SPCX) opened the day at $150, immediately adding 11 percent to its initial public offering price of $135. It surged to its highest price of $176.52 before ending the session just up by 19.22 percent at $160.95 apiece.

Space Exploration Technologies Corp. (NASDAQ:SPCX) was a widely-awaited IPO, with the company aiming to raise $75 billion in fresh funds for its space exploration initiatives.

In its prospectus, Space Exploration Technologies Corp. (NASDAQ:SPCX) said that proceeds from the offer will be used “to fund our growth strategy, including the expansion of our AI compute infrastructure,  enhancements to our launch infrastructure and launch vehicles, increases in the scale and capacity of our satellite constellations, and any remaining amounts for general corporate purposes.”

The IPO came at an opportune time amid the ongoing rapid development of the artificial intelligence sector.