Photo: CNBC Screenshot
Elon Musk’s latest high risk company, SolarCity started public trading this morning.It opened at $9.25 a share, according to Street Insider, a modest 16% pop from the IPO price.
Since then it’s taken off, popping 30% to $10.50 a share.
It was priced at $8, a steep cut from what it originally wanted, which was $13-$15 a share.
Still, it’s impressive to get a solar company on the public markets right now.
Solar City is a solar panel installer. Elon Musk, who is CEO of electric car company Tesla, and CEO of Rocketship company SpaceX is SolarCity’s cofounder and chairman.
According to its S1, it had revenue of $103.4 million for the first nine months of this year, compared to $38.8 million in the same period a year ago. Its net loss during that period was $78 million, compared to a loss of $56.7 million the same period a year ago.