Kardigan Raises $400M in Initial Public Offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Kardigan shares jumped on Thursday after the heart-health focused biotech raised $400M in an initial public offering. The stock opened at $16.25 and closed its first day of trade near $22 per share.LATEST IPOS AND DIRECT LISTINGS:Kardigan, a clinical-stage precision therapeutics company developing medicines that target cardiovascular diseases, opened at $16.25 on June 18 after having priced its upsized initial public offering of 25M ordinary shares at a public offering price of $16 per share. The deal size was increased to 25M from 23.3M shares and priced at the high end of the $14-$16 range.Deep Fissionopened at $16 on June 18 after the advanced nuclear energy company priced 2.5M shares at $16.00. The deal range was $16.00-$18.00. Deep Fission is developing small modular pressurized water reactors installed one mile underground.First Carolinaopened at $13.25 on June 18 after having priced 5.5M shares at $12.50. The deal priced below the $14.00-$16.00 target range. First Carolina Financial Services, the holding company for First Carolina Bank, intends to use the net proceeds from the offering for general corporate purposes, which may include supporting organic growth, potential acquisitions, refinancing of outstanding indebtedness, and working capital.PERFORMANCE:Prices as of 1:30 pm ET on Monday, June 22 -Kardigan - up $1.30 to $23.30Deep Fission - down $1.12 to $13.44First Carolina Financial Services - down 5c to $12.56RECENT IPOS TO WATCH:SpaceXand Conexeu Scienceshave already seen some coverage roll out, while AMASS Brandsand Optimi Healthare among stocks that could see new coverage shortly as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include Bending Spoons, Inspire Brands, and Tarsier Pharma. Clickto see the upcoming IPO calendar on TipRanks.Bending Spoons, a technology company whose main businesses include AOL, Brightcove, Eventbrite, Evernote, Harvest, komoot, Remini, StreamYard, Vimeo, and WeTransfer, announces that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its ordinary shares. The timing of the offering, number of shares to be offered, and the price range for the proposed offering have not yet been determined. Bending Spoons has applied to list its ordinary shares on the Nasdaq Global Select Market under the ticker symbol "BSP."Inspire Brandsannounced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses.Tarsier Pharma Ltd.filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol "TARX". Tarsier is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma.Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
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About SPCX
Space Exploration Technologies Corp. designs, manufactures, launches, and operates products and services built on technologies, including rockets and spacecraft. The Company's segments include Space, Connectivity, and artificial intelligence (AI). Its Space segment designs, manufactures, and launches reusable rockets to provide access to space. Its Connectivity segment operates broadband data and communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth orbit, delivering connectivity to consumer, enterprises, and government customers over 164 countries, territories, and other markets. In its AI segment, it operates a vertically integrated AI platform spanning its truth-seeking frontier model Grok, AI solutions for consumer and enterprise customers, X-its real-time information, entertainment, and free speech platform and AI computational infrastructure.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
SpaceX Stock Rises 15% Post-IPO Amid Upcoming Earnings Report
- Stock Performance: SpaceX shares have risen 15% after one week of trading, rebounding from the initial public offering price, indicating market optimism about its future performance, although some investors are waiting for a more attractive entry point.
- Earnings Report Expectations: The company is set to release its second-quarter earnings report at the end of July or early August, providing investors with crucial insights into its performance and future outlook, which could significantly impact stock price movements.
- Lockup Period Ending: The first lockup period will end the day after the earnings report, potentially flooding the market with new shares, a scenario that typically leads to price declines, prompting investors to carefully evaluate their buying strategies.
- Market Valuation: Currently valued at $2.4 trillion, SpaceX aimed to raise $75 billion in its IPO but may have raised $86 billion, reflecting strong market confidence in its valuation, yet raising concerns about whether the stock price is too high.
See More
SpaceX IPO Preview: Massive AI Market Potential
- Market Opportunity Analysis: In its S-1 filing, SpaceX forecasts a total addressable market of $28.5 trillion, with $26.5 trillion attributed to artificial intelligence (AI), indicating its ambitions extend beyond space, and successful execution could significantly enhance long-term growth potential.
- AI Infrastructure Revenue: Ahead of the IPO, SpaceX secured a deal with Anthropic to rent compute capacity at its Colossus 1 data center for $1.2 billion per month, alongside a $920 million monthly agreement with Alphabet, establishing a steady revenue stream for the company.
- Space Data Center Initiative: SpaceX has applied to launch one million satellites as data centers, expected to be deployed by 2028, which will leverage solar power to address the energy bottlenecks faced by ground-based data centers, further driving the commercialization of AI infrastructure.
- Financial Risks and Potential: While SpaceX's AI division is projected to generate $322 billion in revenue by 2025, it reported losses of $4.6 billion in 2023 and $4.9 billion in 2025, highlighting the significant financial risks and uncertainties associated with pursuing the vast AI market potential.
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Graham Corporation Boosted by SpaceX IPO Surge
- Market Optimism: Graham Corporation has seen a significant boost in market optimism following SpaceX's $1.77 trillion IPO, with its market value nearing $1.3 billion at Tuesday's close, indicating strong investor confidence in its growth prospects.
- Price Target Increase: Maxim Group raised its 12-month price target for Graham from $115 to $128, reflecting positive feedback from the investor day where the company presented three-year financial guidance and highlighted several growing markets.
- Growth Potential Highlighted: The CEO and CFO of Graham emphasized growth prospects and margin expansion opportunities during the investor day, leading Northland Capital Markets to increase its price target from $111 to $135, showcasing confidence in the company's future profitability.
- Space Economy Opportunities: By acquiring Barber-Nichols, Graham has entered the space industry, with global space economy revenue projected to exceed $1 trillion by 2032; the company has secured $22 million in orders from space clients, underscoring its strategic value in a rapidly growing market.
See More
SpaceX's Historic IPO Drives Record 2Q Market Recovery
- Market Recovery: The IPO market rebounded quickly in Q2, with 48 companies going public and raising a record $104.9 billion, indicating a resurgence of market confidence.
- SpaceX's Major Deal: SpaceX raised $75 billion in its IPO, surpassing the total of all US IPOs from the previous two years combined, achieving a market cap of $1.7 trillion at listing, making it one of the largest public companies on US exchanges.
- Strong First Day Performance: SpaceX's stock rose 19% on its debut, alleviating concerns about an overly hot or cold opening, although aftermarket trading remained volatile.
- Large Deal Momentum: Even without SpaceX's deal, Q2 would have been the largest quarter for IPO proceeds since 2021, with nine other IPOs raising over $1 billion, showcasing the ongoing appeal of large transactions.
See More
Investment Profile Differences Between Tesla and SpaceX
- Project Dependency Differences: Tesla's projects, including electric vehicles, robotaxis, and Optimus robots, directly embody artificial intelligence applications, while SpaceX primarily relies on end demand for AI, particularly for its xAI business and orbital data center ambitions.
- Capital Expenditure Requirements: SpaceX is projected to have capital expenditures exceeding 40% of its revenue by 2026, whereas Tesla's capital spending is expected to decline as revenue grows, highlighting significant differences in financial health and investment strategies between the two companies.
- Earnings Growth Timeline: Tesla's robotaxi and Optimus projects are anticipated to achieve large-scale rollout by 2026 or 2027, making them more feasible in the short term compared to SpaceX's orbital data center plans set for 2028, indicating Tesla's more attractive near-term prospects.
- Investor Risk Preferences: Investors must choose stocks based on their risk tolerance and confidence in AI application growth, as Tesla offers higher cash flow growth potential, while SpaceX may take longer to achieve profitability, leading to significant differences in investment appeal.
See More
Comparing Investment Prospects of SpaceX and Rocket Lab
- Market Value Comparison: SpaceX boasts a market cap of approximately $2 trillion, making it one of the most valuable stocks globally, while Rocket Lab's market cap stands at only $60 billion, highlighting a significant disparity in market scale.
- Growth Potential Analysis: Despite incurring over $4 billion in losses in Q1 2023, SpaceX's expansion into artificial intelligence and interstellar communications continues to attract substantial investor interest, indicating a positive outlook for future growth.
- Rocket Lab's Financial Performance: Rocket Lab reported losses of $183 million over the past 12 months, but its latest quarterly revenue exceeded $200 million, marking a nearly 64% year-over-year growth, showcasing strong momentum.
- New Rocket Plans: Rocket Lab plans to launch its larger Neutron rocket, capable of carrying payloads up to 13,000 kg to low Earth orbit, and a successful launch could provide new growth opportunities for its stock, enhancing its competitive position in the market.
See More
SpaceX Stock Rises 15% Post-IPO Amid Upcoming Earnings Report
- Stock Performance: SpaceX shares have risen 15% after one week of trading, rebounding from the initial public offering price, indicating market optimism about its future performance, although some investors are waiting for a more attractive entry point.
- Earnings Report Expectations: The company is set to release its second-quarter earnings report at the end of July or early August, providing investors with crucial insights into its performance and future outlook, which could significantly impact stock price movements.
- Lockup Period Ending: The first lockup period will end the day after the earnings report, potentially flooding the market with new shares, a scenario that typically leads to price declines, prompting investors to carefully evaluate their buying strategies.
- Market Valuation: Currently valued at $2.4 trillion, SpaceX aimed to raise $75 billion in its IPO but may have raised $86 billion, reflecting strong market confidence in its valuation, yet raising concerns about whether the stock price is too high.
See More
SpaceX IPO Preview: Massive AI Market Potential
- Market Opportunity Analysis: In its S-1 filing, SpaceX forecasts a total addressable market of $28.5 trillion, with $26.5 trillion attributed to artificial intelligence (AI), indicating its ambitions extend beyond space, and successful execution could significantly enhance long-term growth potential.
- AI Infrastructure Revenue: Ahead of the IPO, SpaceX secured a deal with Anthropic to rent compute capacity at its Colossus 1 data center for $1.2 billion per month, alongside a $920 million monthly agreement with Alphabet, establishing a steady revenue stream for the company.
- Space Data Center Initiative: SpaceX has applied to launch one million satellites as data centers, expected to be deployed by 2028, which will leverage solar power to address the energy bottlenecks faced by ground-based data centers, further driving the commercialization of AI infrastructure.
- Financial Risks and Potential: While SpaceX's AI division is projected to generate $322 billion in revenue by 2025, it reported losses of $4.6 billion in 2023 and $4.9 billion in 2025, highlighting the significant financial risks and uncertainties associated with pursuing the vast AI market potential.
See More
Graham Corporation Boosted by SpaceX IPO Surge
- Market Optimism: Graham Corporation has seen a significant boost in market optimism following SpaceX's $1.77 trillion IPO, with its market value nearing $1.3 billion at Tuesday's close, indicating strong investor confidence in its growth prospects.
- Price Target Increase: Maxim Group raised its 12-month price target for Graham from $115 to $128, reflecting positive feedback from the investor day where the company presented three-year financial guidance and highlighted several growing markets.
- Growth Potential Highlighted: The CEO and CFO of Graham emphasized growth prospects and margin expansion opportunities during the investor day, leading Northland Capital Markets to increase its price target from $111 to $135, showcasing confidence in the company's future profitability.
- Space Economy Opportunities: By acquiring Barber-Nichols, Graham has entered the space industry, with global space economy revenue projected to exceed $1 trillion by 2032; the company has secured $22 million in orders from space clients, underscoring its strategic value in a rapidly growing market.
See More
SpaceX's Historic IPO Drives Record 2Q Market Recovery
- Market Recovery: The IPO market rebounded quickly in Q2, with 48 companies going public and raising a record $104.9 billion, indicating a resurgence of market confidence.
- SpaceX's Major Deal: SpaceX raised $75 billion in its IPO, surpassing the total of all US IPOs from the previous two years combined, achieving a market cap of $1.7 trillion at listing, making it one of the largest public companies on US exchanges.
- Strong First Day Performance: SpaceX's stock rose 19% on its debut, alleviating concerns about an overly hot or cold opening, although aftermarket trading remained volatile.
- Large Deal Momentum: Even without SpaceX's deal, Q2 would have been the largest quarter for IPO proceeds since 2021, with nine other IPOs raising over $1 billion, showcasing the ongoing appeal of large transactions.
See More
Investment Profile Differences Between Tesla and SpaceX
- Project Dependency Differences: Tesla's projects, including electric vehicles, robotaxis, and Optimus robots, directly embody artificial intelligence applications, while SpaceX primarily relies on end demand for AI, particularly for its xAI business and orbital data center ambitions.
- Capital Expenditure Requirements: SpaceX is projected to have capital expenditures exceeding 40% of its revenue by 2026, whereas Tesla's capital spending is expected to decline as revenue grows, highlighting significant differences in financial health and investment strategies between the two companies.
- Earnings Growth Timeline: Tesla's robotaxi and Optimus projects are anticipated to achieve large-scale rollout by 2026 or 2027, making them more feasible in the short term compared to SpaceX's orbital data center plans set for 2028, indicating Tesla's more attractive near-term prospects.
- Investor Risk Preferences: Investors must choose stocks based on their risk tolerance and confidence in AI application growth, as Tesla offers higher cash flow growth potential, while SpaceX may take longer to achieve profitability, leading to significant differences in investment appeal.
See More
Comparing Investment Prospects of SpaceX and Rocket Lab
- Market Value Comparison: SpaceX boasts a market cap of approximately $2 trillion, making it one of the most valuable stocks globally, while Rocket Lab's market cap stands at only $60 billion, highlighting a significant disparity in market scale.
- Growth Potential Analysis: Despite incurring over $4 billion in losses in Q1 2023, SpaceX's expansion into artificial intelligence and interstellar communications continues to attract substantial investor interest, indicating a positive outlook for future growth.
- Rocket Lab's Financial Performance: Rocket Lab reported losses of $183 million over the past 12 months, but its latest quarterly revenue exceeded $200 million, marking a nearly 64% year-over-year growth, showcasing strong momentum.
- New Rocket Plans: Rocket Lab plans to launch its larger Neutron rocket, capable of carrying payloads up to 13,000 kg to low Earth orbit, and a successful launch could provide new growth opportunities for its stock, enhancing its competitive position in the market.
See More
