SpaceX launches IPO, making Musk the world’s first trillionaire

SpaceX launches IPO, making Musk the world’s first trillionaire

Elon Musk’s SpaceX made its highly anticipated stock market debut Friday morning, establishing him as the first person to ever be worth $1 trillion.

© Matt Rourke, Associated Press

The spacecraft and satellite communications company began trading on the Nasdaq with shares opening at $150, about 11 percent above the initial public offering (IPO) price of $135. It is the largest IPO ever.  

SpaceX was aiming to raise $75 billion at a $1.77 trillion valuation. With its opening price, the company starts with a massive valuation of $1.96 trillion.

“It is certainly hard to believe that a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever,” Musk said Friday morning from Starbase, Texas.

“Let me tell you, if people had told me that this was going to happen, I was like, ‘Man, you must be smoking some really good crack because I think this company’s going to fail.’”

The tech mogul, who was already the world’s richest person, is now the world’s first trillionaire. His net worth is $1.1 trillion, according to Forbes’ Real-Time Billionaires list.

It also marks the first in a series of high-profile AI IPOs that are expected this year. Both OpenAI and Anthropic have filed paperwork to go public in recent weeks.

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© The Hill