SpaceX's record-breaking $75 billion IPO makes Elon Musk the world's first trillionaire
By
Associated Press
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Summary
SpaceX's highly anticipated IPO opened at $135 per share, surging 11% and giving the company a $1.96 trillion market valuation. The offering of 555.6 million shares raised $75 billion, making it the largest IPO in history. The proceeds are enough to make CEO Elon Musk the world's first trillionaire. Musk stated the company is going public to fund ambitious projects including space-based satellites, data centers, and eventually a Mars colony.
Key quotes
· 4 pulledSpaceX jumped 11% as the rocket maker's stock opened for trading.
That price gives the company a market value of $1.96 trillion and is enough to make CEO Elon Musk the first-ever trillionaire.
Institutional and retail investors jumped at the opportunity to buy 555.6 million shares of SpaceX at the offering price of $135 apiece, making it the biggest IPO in history with proceeds of $75 billion.
Musk says the company is going public because it needs money to fund its ambitions of putting satellites and data centers in space and eventually establishing a colony of people on Mars.
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