Key facts
- SpaceX's IPO priced at $135 per share, raising $75 billion.
- The offering is the largest in history, with a market capitalization of $1.77 trillion.
- The stock rose about 19% on its first day of trading.
- Elon Musk became the world's first trillionaire due to the IPO's success.
- 30% of shares were allocated to retail investors.
SpaceX's initial public offering priced at $135 per share, raising $75 billion and becoming the largest IPO in history. The company debuted on the public markets with a valuation of $1.77 trillion, which quickly rose to over $2 trillion after a roughly 19% pop in its first day of trading, cementing Elon Musk as the world's first trillionaire.
Individual investors were eager for a piece of the IPO, with as much as 30% of shares set aside for them. While some received allocations, others went directly to the open market to buy shares, with Joseph Gutheinz purchasing $100,000 worth at $161. Retail buying was cited as a factor in the stock's price surge. SoFi, a retail brokerage involved, stated it was the largest and most subscribed offering on its platform to date.
Despite the strong retail interest, some investors reported not receiving their requested allocations. SpaceX's founder Elon Musk had previously pledged priority access for retail investors, especially Tesla holders, if his private companies went public. Some fans and investors, like Clint Sorenson, noted a strong belief in the company's story, with clients declining to hedge their exposure.