Airbnb tops $100 billion market capitalisation on first day of trading, reviving talk of a bubble

Over the past decade, Airbnb has upended the travel industry, riled regulators, frustrated local communities and created a mini-economy of short-term rental operators, all while spinning a warm narrative of belonging and connection.

On Thursday, Airbnb sold investors on an even unlikelier story: that it is a pandemic winner.

The company’s shares skyrocketed on their first day of trading, opening at $146 each, 115% above its initial public offering price of $68. That put Airbnb’s market capitalisation at $101.6 billion — the largest in its generation of “unicorn” companies and more than Expedia Group and Marriott International combined.