- Gemini Space Station stock soared as much as 42% on Friday.
- The crypto exchange priced its IPO at $28 a share and raised $425 million.
- Shares of Klarna also popped earlier this week following its IPO.
The move: Gemini Space Station stock soared as much as 64% to a high of $45.89 in its first day as a public company. The crypto exchange founded by Cameron and Tyler Winklevoss priced its initial public offering at $28 a share, raising $425 million.
The chart:
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Why: The surge is the latest example of a high-profile tech company seeing a blistering day-one rally after completing an IPO.
The company sold 15.2 million shares at a valuation around $3.3 billion. The Winklevoss twins are big donors to President Donald Trump, who branded himself as the "crypto president" on the campaign trail. In 2024, the pair donated over a million each to pro-Trump and Republican PACs, and called the president "pro-Bitcoin, pro-crypto, and pro-business."
What it means: The market for IPOs is thawing, at least for hot tech companies with high growth potential.
Also this week, Klarna stock surged after the fintech darling completed its IPO. However, its rally has since cooled, with shares dropping close to the IPO price of $40 a share on Friday.
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The trend of post-IPO surges was also visible this summer.
Figma soared more than 250% on its first trading day after the firm went public in July, while CoreWeave and Circle Internet Group also saw stellar rallies in the days following their IPOs.
The post It's a great week to IPO: The Winklevoss brothers' Gemini surges 64% in its trading debut appeared first on Business Insider