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Space Exploration Technologies Corp. (NASDAQ:SPCX) is one of the 10 Stocks That Absolutely Exploded Higher.

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 valuation 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.

For illustration purposes only. Photo from Pixabay

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.

While we acknowledge the risk and potential of SPCX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SPCX and that has 10,000% upside potential, check out our report about the cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. 

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