SpaceX shares surge 19% in record IPO, making Elon Musk the world's first trillionaire
By
Bernard Condon
A baker's-dozen of insight crammed into one ring.
Summary
Elon Musk became the world's first trillionaire after SpaceX shares soared 19% in their Wall Street debut. The IPO raised $75 billion, surpassing Saudi Aramco's previous record. Shares opened at $150 and closed near $161, giving SpaceX a market value of about $2.1 trillion. Musk, also a major Tesla shareholder, is now worth an estimated $1.1 trillion. SpaceX went public to fund ambitious projects including satellites, orbital data centers, and a Mars colony.
Key quotes
· 5 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 more than 19% after opening for trading 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.
The $75 billion in proceeds from the IPO tops the previous high of $26 billion for Saudi Aramco's IPO in 2019.
Forbes estimates that Musk, who is also a major shareholder in Tesla, is now worth $1.1 trillion.
You might also wanna read
Elon Musk Becomes First Trillionaire After SpaceX's Record-Breaking IPO
Elon Musk became the world's first trillionaire after SpaceX went public in the largest IPO ever, priced at $135 per share. The stock opened
Deadline·9h ago
Elon Musk becomes world's first trillionaire after SpaceX's record $1.77 trillion IPO
Elon Musk has become the world's first trillionaire following SpaceX's record-breaking IPO, which valued the company at $1.77 trillion — the
Rolling Stone·6h ago
SpaceX IPO Makes Elon Musk World's First Trillionaire as Stock Opens at $150
SpaceX's highly anticipated IPO launched at $135/share, giving it a ~$1.77 trillion valuation and making Elon Musk the world's first trillio
Variety·13h ago
Elon Musk becomes world's first trillionaire after SpaceX IPO
Elon Musk has become the world's first trillionaire after SpaceX's IPO (ticker: SPCX) pushed his net worth past the trillion-dollar mark. Hi
The Verge·12h ago
Elon Musk Set to Become World's First Trillionaire After SpaceX IPO Surpasses Expectations
Elon Musk is on track to become the world's first trillionaire following SpaceX's IPO on Wall Street, which opened with a higher-than-antici
Rolling Stone·11h ago
SpaceX goes public in massive IPO, potentially making Elon Musk the first trillionaire
The article reports on SpaceX's IPO, which allows the public to buy shares of the combined rocket, AI, and social media company for the firs
The Verge·14h ago