Big Tech Companies Want to Sell Shares, Making Stock Market Nervous
SpaceX plans biggest stock sale ever while AI companies also want to go public.
SpaceX is owned by billionaire Elon Musk, who is already the richest person in the world. The space company wants to sell shares for $135 each. This would make the whole company worth about $1.7 trillion dollars. SpaceX hopes to raise $75 billion from selling its stock.
However, many experts think SpaceX is asking for too much money. They believe the company is overpriced and investors should wait. The stock price will probably go down after it starts trading. Other technology stocks like Nvidia and Microsoft have already fallen in value.
In Singapore, technology stocks also fell this week. Companies like AEM Holdings, Frencken Group, and UMS Integration all saw their stock prices drop. These companies had been doing very well earlier in the year. Investors have been putting lots of money into Singapore tech companies since 2026 started.
The Indonesian currency called the rupiah hit a record low this week. It fell below 18,000 rupiah per US dollar for the first time ever. This happened because oil prices went up, which costs Indonesia more money. The country's stock market also dropped by about 35% this year.
The IPO would be the largest in the US stock market's history and make billionaire Musk a trillionaire.
Comprehension quiz preview
1. How much money does SpaceX want to raise from selling its stock?
2. Which company makes the AI chatbot called Claude?
3. What does the word 'rupiah' mean in this article?