NEW YORK — SpaceX shares surged in their Nasdaq debut on Friday, making founder Elon Musk the world's first trillionaire after the rocket company's record-breaking initial public offering.
SpaceX priced its shares at $135 in the largest U.S. initial public offering on record, raising $75 billion, according to company announcements and regulatory filings. The stock opened at $150 and closed at about $161, up roughly 19%, pushing the company's market value above $2 trillion.
Forbes estimated Musk's net worth at $1.1 trillion following the trading session, driven largely by his stake in SpaceX. Musk owns roughly 40% of the company, sources familiar with the ownership have said. The milestone comes as SpaceX, which operates the Starlink satellite internet service and develops reusable rockets, transitions from a private entity valued in prior funding rounds to a publicly traded one under the ticker SPCX.
The offering, which was reported to be oversubscribed, highlights strong investor demand for Musk's ventures despite the company's current unprofitability. SpaceX has invested heavily in satellite constellations, human spaceflight and ambitions in artificial intelligence and orbital infrastructure.
Musk, who also leads electric vehicle maker Tesla, has built SpaceX into a major player in the commercial space industry since founding it in 2002. The company has secured numerous NASA contracts and launched thousands of Starlink satellites to provide global internet access. Its Starship vehicle aims to support future missions to the moon and Mars.
"SpaceX's debut marks a significant moment for the space sector and public markets," said one analyst covering the listing, though specific details on broader market reactions varied. Shares of related companies showed mixed movements following the news.
The IPO is expected to create thousands of new millionaires among current and former employees through stock holdings, according to reports citing internal data. About 4,400 employees could see significant gains, though exact figures depend on individual allocations.
As of Friday's close, SpaceX ranked among the largest U.S. companies by market capitalization. Musk's wealth also includes substantial holdings in Tesla and other assets. Details on lock-up periods for insiders and future share sales remain subject to standard regulatory terms.
Trading volume exceeded 500 million shares on the first day, reflecting high interest. SpaceX has not yet reported full financial results for the most recent period, but prior disclosures indicated significant revenue growth from Starlink alongside ongoing investments.
The company plans to use proceeds from the offering to support ongoing operations, research and development, and expansion initiatives, according to statements ahead of the listing. Further details on allocation of funds were not immediately available.
