NEW YORK — Elon Musk became the world’s first trillionaire after shares of his rocket company SpaceX surged in their debut on the Nasdaq stock exchange on Friday.
SpaceX, formally known as Space Exploration Technologies Corp., priced its initial public offering at $135 per share, raising about $75 billion in what is believed to be the largest IPO in history, according to multiple reports. Shares opened at around $150 and climbed as high as $177 before settling near $166, pushing the company’s market capitalization above $2 trillion.
Musk, who holds a substantial stake in SpaceX along with his ownership in Tesla Inc. and other ventures, saw his net worth exceed $1 trillion on paper as a result of the trading. Forbes and other wealth trackers had previously estimated his fortune at around $800 billion to $900 billion prior to the debut.
The milestone marks a significant moment in financial history, as no individual had previously reached trillionaire status. SpaceX’s public listing follows years of private valuations that grew amid the company’s dominance in commercial space launches and its Starlink satellite internet service.
“SpaceX has come a long way from the early days when the odds of success seemed low,” Musk said in a statement following the debut, according to reports citing company communications.
Details of Musk’s exact ownership percentage post-IPO remain subject to final filings, but analysts have attributed roughly 38-42% of the company to him, including shares and options, which contributed the bulk of the wealth increase. His Tesla holdings, valued at hundreds of billions, provided additional support.
SpaceX, founded by Musk in 2002, has transformed the space industry with reusable rocket technology and secured major contracts with NASA and commercial clients. The company’s Starlink constellation provides broadband service in remote areas worldwide. The IPO followed a February merger involving Musk’s xAI, which had valued the combined entity at around $1.25 trillion.
Trading volume was heavy on Friday, with shares under the ticker SPCX. The debut comes as SpaceX continues to expand its launch cadence and develop next-generation vehicles for missions to the moon and Mars.
Musk’s wealth is largely illiquid and tied to stock holdings, subject to market fluctuations. Other major shareholders and employees also saw significant gains, with thousands reportedly becoming millionaires through equity.
As of Saturday, SpaceX shares were trading in post-debut sessions. Further details on regulatory filings and long-term implications were not immediately available.
