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Richard Drew / AP

As you've likely heard by now, Snap last night priced its IPO at $17 per share. That's above the proposed $14-$16 price range, which means that the Los Angeles-based "camera company" raised $3.4 billion at around a $24 billion valuation. For context, the 15 U.S.-based tech companies that went public in 2016 raised a total of just $1.44 billion (per Richard Peterson at S&P Global). Shares opened trading at $24.

Bull case: CNBC's Jim Cramer yesterday predicted that Snap stock will nearly double today, giving it a $40 billion market cap. But when I asked him if he'd buy at that price with a one-year lockup:

@danprimack no- I think the deal will be jacked up by too much retail enthusiasm AND big institutions trying to average up on ipo stake https://t.co/QYEXP8ZBCX— Jim Cramer (@jimcramer) March 1, 2017

Collateral beneficiary: Keep an eye on shares for Snap-On (NYSE: SNA) this morning, which could get boosted by sloppy day-traders. Kind of like what happened with a penny stock trading under FACE when Facebook went public.

Rival watch: Not only does Snap have to deal with competition from Instagram, but it also has a big Asia rival called Snow, which had been downloaded 100 million times through December, and has 40 to 50 million monthly active users. Here's more on Snow.

Pop pop: Finding the right IPO price for an oversubscribed offering like Snap can be tricky. On the one hand, companies want to raise every last dollar, since it helps to fund growth. On the other, negative aftermarket performance can weigh on a company's reputation with both potential customers and employees (something Facebook experienced after its troubled offering in 2012). There's also the unavoidable reality that if Snap shares soar or tank today, critics will slam the offering's bankers for being either dumb or greedy.

Key indicator: One big thing we still don't know is how many of Snap's IPO buyers are long-term investors. Reports earlier this week suggested that the company is asking investors for a one-year lock-up ― which is more than twice the lockup period for most of Snap's VC backers and vested employees ― which would be a big vote of confidence in a company that has yet to produce profits and whose growth is under attack by Facebook's Instagram.

Go deeper

Miriam Kramer, author of Space
12 mins ago - Science

NASA's Mars helicopter is a test for the future of space exploration

Ingenuity (left) with Perseverance on Mars. Photo: NASA/JPL-Caltech/MSSS

NASA is set to fly the first test flight of its tiny Ingenuity helicopter on Mars Sunday, marking the advent of drones for space exploration.

Why it matters: If successful, this flight will be the first time a human-built aircraft has flown on a world other than Earth, opening the door to new means of exploring planets far from our own.

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1 hour ago - Politics & Policy

The global future is looking dark and stormy

Illustration: Rae Cook/Axios

A new 20-year-forecast for the world: increasingly fragmented and turbulent.

The big picture: A major report put out this week by the National Intelligence Council reflects a present rocked by the COVID-19 pandemic. How the next two decades will unfold depends largely on whether new technologies will ultimately unite us — or continue to divide us.

10 hours ago - Politics & Policy

Rep. Gaetz declares he's "not going anywhere" amid sex trafficking probe

Rep. Matt Gaetz. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

Rep. Matt Gaetz (R-Fla.) doubled down Friday night, saying he's not "going anywhere," and vowing, "I have not yet begun to fight," amid a federal investigation into sex trafficking allegations.

What he's saying: “I’m built for the battle, and I’m not going anywhere,” Gaetz, who denies the allegations, said during a Women for America First event at the Trump National Doral Miami resort.