SpaceX now worth nearly $350 billion

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why SpaceX is shooting up in value.

Transcript

00:00I'm Conway Gibbs reporting from New York City. Here's what we're watching on the street today.

00:04The Nasdaq climbed above $20,000 for the first time ever on Wednesday.

00:08Tech stocks as a whole continued to bask in the glow of artificial intelligence.

00:13Alphabet was a standout as investors gawked at the breakthrough quantum computing chip at its Google unit.

00:19Looking ahead to Thursday, inflation is on the radar with the producer price index.

00:23Quarterly results at Costco will also be in focus.

00:26Another business headline, SpaceX is now worth $350 billion based on the math done over at CNBC.

00:33The market valuation adjustment follows on the heels of a $1.25 billion private share buyback.

00:39Elon Musk's space company has seen its value increase 67% since June.

00:45Its market value is now bigger than long-established defense contractors.

00:54RTX, a parent of Raytheon, has a $156 billion market cap.

00:58Boeing's is $123 billion. Lockheed Martin is at $120 billion.

01:03And Northrop Grumman's market value is $69 billion.

01:07If SpaceX was a publicly traded company, its market cap would be bigger than Dow Components' Chevron, Coca-Cola, Merck, Cisco and IBM.

01:17SpaceX already has a leading position in space exploration and travel.

01:22And experts think Musk's cozy relationship with President-elect Donald Trump will add to its momentum.

01:28The company has lucrative government contracts and is partnering with NASA.

01:33SpaceX continues to make progress in the use of reusable rockets,

01:37which will ultimately be a big money saver for the industry and bring down the cost for space tourism.

01:44That'll do it for your daily briefing from New York City.

01:47I'm Conway Gittens with The Street.

01:52Thanks for watching.