Matt Levine’s Money Stuff: SpaceX Priced Already

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The normal thing to say is that SpaceX’s initial public offering “is set to price June 11” — today — “and trade the following day.” SpaceX’s bankers have been marketing its shares to investors for the past week, and this afternoon, after the market closes, they will get together, review the demand for the IPO, and “price” the IPO, that is, decide the price at which SpaceX will sell shares to investors. Then they will decide how many shares each investor will get and tell the investors what they’re getting. Then, sometime tomorrow, the stock will open for ...