SpaceX shares jump 24% in record-breaking IPO; Elon Musk becomes first trillionaire
By
Bernard Condon
An everything bagel for the brain. Substantive, layered, well-seasoned.
Summary
SpaceX shares surged 24% in their Wall Street IPO debut, opening at $150 and reaching $168, giving the company a market value of approximately $2.2 trillion. The IPO raised $75 billion, surpassing Saudi Aramco's previous record of $26 billion. Elon Musk, SpaceX's founder and CEO, became the world's first trillionaire, with Forbes estimating his net worth at $1.2 trillion. Musk stated the company went public to fund ambitious projects including satellite deployment, orbital data centers, and eventually establishing a Mars colony.
Key quotes
· 3 pulledElon Musk became the world's first trillionaire after shares of his rocket company SpaceX soared in Wall Street's biggest initial public offering of stock.
Shares in SpaceX jumped 24% after opening for trading at noon Friday, a sign that investors are looking past the billions the company is losing and instead betting that its massive investments in satellites, orbital data centers and artificial intelligence will pay off in the future.
Musk says SpaceX 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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