Key facts
- Elon Musk has become the world's first trillionaire following SpaceX's record-setting initial public offering.
- SpaceX's IPO opened at $150 per share, with its valuation soaring to $1.96 trillion.
- The IPO raised $75 billion, making it the largest IPO ever.
- Musk's net worth reached $1.1 trillion, significantly outpacing other ultra-wealthy individuals.
- SpaceX stock closed up 19% on its first trading day.
Elon Musk has become the world's first trillionaire following the record-setting initial public offering of SpaceX. The spacecraft and satellite communications company began trading on the Nasdaq with shares opening at $150, significantly above its initial public offering price of $135. This opening price valued SpaceX at $1.96 trillion, marking the largest IPO in history and raising $75 billion. Musk's net worth now stands at $1.1 trillion, a figure that has sparked discussions about wealth inequality and the nature of capitalism.
Musk expressed disbelief at the company's success, recalling its humble beginnings and his own low expectations for its survival. The IPO's surge also led to a mix of investor enthusiasm and public criticism regarding the concentration of wealth and Musk's public image. Senator Elizabeth Warren used Musk's trillionaire status to advocate for taxing the wealthy, comparing his net worth to the economies of entire nations.
SpaceX's successful debut is also seen as a precursor to other high-profile AI-related IPOs expected this year, including those from OpenAI and Anthropic. The company's valuation at market close reached $2.1 trillion, with its stock finishing the day up 19%.