SpaceX Dips Below IPO Price as Binance's Zhao Reaffirms $1 Billion Stake

SpaceX shares closed at $134.72, dipping below their $135.00 June initial public offering price, even as Binance founder Changpeng Zhao rejected rumors of selling the exchange's stake valued at over $1 billion. Zhao reiterated his bullish stance, calling the firm a top long-term holding. The position originated from a $500 million investment during Elon Musk's 2022 Twitter acquisition. Investors are focused on a December 8 lockup expiration, with options pricing a 14% swing between $117 and $155. Still, 29 of 35 analysts maintain Buy ratings with an average $250.34 price target.