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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.