SpaceX and Tesla Inc. Invest $16.8 Billion in Terafab Complex

Space Exploration Technologies Corp. shares rose 15.8 percent on Friday, significantly outperforming the S&P 500 and Nasdaq Composite. The stock surge followed the expiration of a post-IPO lock-up period on Thursday, which made 911.5 million shares eligible for trade. Market analysts interpreted the lack of a price drop following this unlock as an endorsement from company insiders.

In a simultaneous move, SpaceX and Tesla Inc. announced a $16.8 billion investment in Terafab Inc. to construct a 100-million-square-foot semiconductor complex in Texas. The project is expected to create at least 3,000 jobs.