ASX up as rate hike bets fall and SpaceX IPO eyes Mars | The Business | ABC NEWS
The Australian share market has ended the week higher. The ASX 200 index gained 0.3 per cent to 8,657 points as financial market expectations for a June RBA interest rate hike fell under 10 per cent. It was the surprise spike in the April jobless rate to 4.5% that dampened rate bets. At the end of the week investors welcomed the news from Mexican fast food chain Guzman y Gomez to abandon its US ambitions, taking a $US40 million hit. GYG shares jumped 9.6 per cent. And in the US, it’s shaping up as an AI IPO season with Anthropic and Open AI potentially joining Elon Musk’s SpaceX, which took the wraps off its IPO filing this week. The SpaceX listing is expected to raise more than $US75 billion at a valuation of roughly $US1.75 trillion, which would dwarf every IPO on record. Elon Musk’s performance bonus is tied to getting the company to a $US7.5 trillion valuation and establishing a permanent colony on Mars. Chloe Stokes, investment analyst at Forager Funds told Alicia Barry “Musk is a pretty incredible guy, what he’s managed to build is absolutely phenomenal so if someone can do it, it probably is him.”
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