Pandora Media Inc. (P) debuted on the New York Stock Exchange today at a per-stock price of $20.32 before immediately jumping to a peak of $24.25. Pandora has gained incredible user adoption thanks to its push on smartphones.
Company stock was originally set for an initial price range from $7 to $9, but the offer finally completed at $16 per share. Pandora raised $235 million through the IPO. Stock is now hovering around $20.30, giving the company a market cap past $3 billion and a valuation of nearly 20 times its revenue for last year.
The Oakland, Calif.-based company was founded in 2000, built upon the Music Genome Project, but has never turned a profit.
Pandora rakes in $235M on IPO
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What infra upgrades are needed to handle AI energy spikes?
AI infra brief: Power struggles behind AI growth
The IEA report predicts that AI processing in the U.S. will need more electricity than all heavy industries combined, such as steel, cement and chemicals
Energy demand for AI data centers in the U.S. is expected to grow about 50 gigawatt each year for the coming years, according to Aman Khan, CEO of International Business Consultants
AI infra brief: Power struggles behind AI growth
The IEA report predicts that AI processing in the U.S. will need more electricity than all heavy industries combined, such as steel, cement and chemicals
Energy demand for AI data centers in the U.S. is expected to grow about 50 gigawatt each year for the coming years, according to Aman Khan, CEO of International Business Consultants