NEW YORK — Elon Musk became the world's first trillionaire after SpaceX completed its initial public offering and shares began trading on Friday, according to Forbes and company filings.
The rocket and satellite company, founded by Musk in 2002, raised a record $75 billion in the largest IPO in history, with shares priced at $135 and opening at $150 on the Nasdaq under the ticker SPCX. The stock closed up nearly 20% at around $161, valuing SpaceX at more than $2 trillion.
Musk, who owns roughly 38-42% of SpaceX, saw his net worth surpass $1.1 trillion, propelled primarily by his stake in the company now valued at hundreds of billions of dollars. Prior to the IPO, his fortune stood at about $780 billion to $982 billion, according to Forbes estimates.
"SpaceX has transformed from an ambitious startup into a cornerstone of commercial spaceflight and beyond," Musk said in a statement following the debut, according to Reuters.
The IPO marks a milestone for Musk's empire, which also includes electric vehicle maker Tesla and other ventures. SpaceX has launched thousands of Starlink satellites providing global internet, developed reusable rockets like Falcon 9, and secured major NASA contracts for crewed missions to the International Space Station and beyond.
Details of Musk's exact ownership stake post-IPO and any vesting schedules for additional shares remain subject to regulatory filings. The offering was reported to be oversubscribed, reflecting strong investor demand for exposure to SpaceX's mix of space transportation, satellite services and artificial intelligence initiatives.
Critics have pointed to the unprecedented concentration of wealth. Oxfam International noted in a report that Musk's gains highlight broader issues of economic inequality, with his fortune growing rapidly amid global challenges. Supporters credit Musk's vision for advancing technology and creating significant economic value through innovation and job growth at his companies.
SpaceX, which had been one of the world's most valuable private companies, filed its S-1 registration in May 2026 after years of preparation. The company has delivered on ambitious goals, including frequent orbital launches and Starlink's expansion to millions of users.
As of Friday's close, Musk's combined holdings across SpaceX, Tesla and other assets made him far wealthier than the next richest individuals, such as Alphabet's Larry Page, according to multiple wealth trackers.
Trading in SpaceX shares continued on Friday with volatility typical of high-profile debuts. Further details on post-IPO governance and long-term plans are expected in upcoming disclosures.
