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Illustration: Aïda Amer/Axios

Shares of Airbnb reached the stratosphere as they began trading on Thursday, doubling their IPO price before closing the day at nearly $145 apiece.

Why it matters: The high-flying price means that Airbnb is now valued at more than $100 billion, but also increases the pressure on the company as the U.S. heads into a potentially deeper struggle with the coronavirus.

Details: Airbnb raised $3.5 billion through its IPO, with shares sold to investors at $68 apiece, well above the company's already raised estimates.

  • But the shares burst out of the gate as they began trading on the Nasdaq on Thursday, opening at $146 and touching as high as $165 apiece before closing at $144.71.

Yes, but: As Axios' Felix Salmon writes, there are limits to the company's growth, particularly in its core lodging market.

Go deeper: Airbnb CEO Brian Chesky talked about the company's blockbuster IPO, its origins and more with Dan Primack for the Axios Re:Cap podcast.

Go deeper

Jan 13, 2021 - Podcasts

Affirm CEO Max Levchin on today's IPO and the future of fintech

Affirm, a “buy now pay later” company led by PayPal co-founder and former CEO Max Levchin, went public today at a valuation of nearly $15 billion — and then saw its share price more than double.

Axios Re:Cap goes deeper with Levchin, to discuss the IPO, why he believes credit cards are “flawed” and the growing centrality of fintech.

Dan Primack, author of Pro Rata
Jan 14, 2021 - Economy & Business

Petco IPO raises $817 million

Illustration: Aïda Amer/Axios

Petco, a San Diego-based pet supplies and services company owned by CVC Capital Partners and CPPIB, raised $817 million in its IPO.

Why it matters: The company priced above its expected range, $18 vs. $14–$16, reflecting how the public markets just can't get enough of companies that cater to the cuddly fuzzballs.

Jan 14, 2021 - Health

Drug companies keep raising prices

Illustration: Rebecca Zisser/Axios

More than 100 pharmaceutical companies raised prices on over 600 drugs at the beginning of the new year, according to a new report from the advocacy group Patients for Affordable Drugs.

The big picture: Millions of people have lost their health insurance because of the pandemic, and uninsured patients must often pay the full sticker price for prescription drugs.