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Jeremy Grantham Shockingly Claims Nasdaq Changed Rules for SpaceX
**Introduction**
The much‑anticipated SpaceX IPO captured headlines worldwide, drawing both retail and institutional investors eager to gain exposure to the pioneering aerospace firm. Amid the fanfare, veteran investor Jeremy Grantham made a startling assertion: Nasdaq allegedly altered its listing criteria to accommodate SpaceX’s unique structure. His comment has reignited debate over how major exchanges adapt to fast‑growing, non‑traditional companies and what that means for market integrity.
**Key Developments**
Grantham, co‑founder of GMO, told a financial news outlet that Nasdaq quietly relaxed certain profitability and share‑distribution thresholds normally required for tech listings. He argued that the move allowed SpaceX to debut despite its reliance on long‑term government contracts and reinvestment‑heavy growth model, which would have struggled under the old rules. While Nasdaq officials have not confirmed any rule changes, they emphasized that all listings undergo a rigorous, case‑by‑case review focused on investor protection and transparency. The IPO priced at $81 per share,000‑share, valuing the company at roughly $120 billion, and saw strong first‑day trading that pushed the stock above $90 before settling near $85.
**Industry Analysis**
Analysts note that SpaceX’s hybrid business—combining launch services, satellite internet (Starlink), and deep‑space ambitions—defies conventional valuation metrics. Traditional indexes often favor firms with steady earnings histories, yet the exchange’s flexibility reflects a broader trend: venues are courting high‑growth innovators to stay competitive with private markets and rival exchanges like the NYSE. Critics warn that relaxing standards could erode confidence if future listings fail to deliver promised returns, while proponents argue that adaptive |
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