Elon Musk’s SpaceX shares reportedly started trading at $150 per share on Friday, above the initial listing price of $135, following its IPO.
The development was said to have pushed Musk into trillionaire status, making him the first person in history to reach that milestone.
The rocket and satellite firm is said to have raised a record $75 billion in its IPO, placing its valuation at about $1.8 trillion. This increase reportedly boosted Elon Musk’s ownership stake in SpaceX to an estimated $690 billion.
The company began trading on the Nasdaq under the ticker “SPCX” after its initial public offering was priced on Thursday.
When combined with his stake in electric vehicle company Tesla, along with other investments and assets, Elon Musk’s total net worth is estimated at roughly $1.1 trillion.
The stock saw a sharp rise after trading began, climbing to $168.75 per share before easing back to around $158. It later surged again, hitting a peak of $176.52, before eventually closing the session at $160.95 per share.
Investor interest in SpaceX has reportedly been extremely strong. Reuters said this week that the company received over $250 billion in orders, while Bloomberg reported on Thursday that retail investors alone placed more than $70 billion worth of share requests.
According to Bloomberg, at least 20% of the offering is expected to be set aside for retail investors, an unusually high share for individual participants in a transaction of this scale.
SpaceX’s IPO reportedly raised $75 billion, making it the largest initial public offering ever recorded, overtaking Saudi Aramco’s $29 billion IPO in 2019.
The IPO reportedly solidified Elon Musk’s position as the world’s richest individual, with the value of his assets rising close to $1 trillion—an unprecedented milestone for any person in history.
Started by Elon Musk in 2002, SpaceX has become a dominant name in space exploration worldwide and a key company in the commercial launch industry. The firm is best known for developing reusable rocket systems, a breakthrough that has lowered mission costs and changed the economics of spaceflight.
SpaceX has also built strong partnerships with NASA and various U.S. government agencies, playing a key role in both civilian space programs and national security-related missions.
Offering broadband services to people, companies, and government clients worldwide, Starlink, SpaceX’s satellite internet branch, has emerged as a major force behind the company’s growth.
In its IPO filing, the company disclosed that Starlink accounted for most of SpaceX’s $18.67 billion revenue in the previous year.
The company’s public listing has been widely regarded as one of the most eagerly awaited events on Wall Street. For years, SpaceX remained one of the most highly valued privately held firms, attracting strong investor interest ahead of any chance to purchase its shares.
In its IPO filing, SpaceX indicated it will continue operating a dual-class share structure that keeps decision-making power largely with Elon Musk. Under the arrangement, Class B shares will have 10 votes each, while Class A shares available to the public will carry one vote per share.
Following the offering, Musk is projected to hold about 85% of the company’s total voting power.
Around 4,400 current and former SpaceX employees are also expected to become millionaires through stock-based compensation earned during their tenure at the company, according to The New York Times, citing analysis from investment platform Hill.com.
If trading remains above the IPO price following Friday’s debut, SpaceX’s market value could increase further. This could potentially lift Elon Musk’s wealth beyond the $1 trillion level, while also benefiting thousands of employees and investors who backed the company during its expansion.
