NEW YORK: Elon Musk became the world’s first trillionaire on Friday after shares of SpaceX soared during the company’s historic stock market debut, marking the largest initial public offering (IPO) on record.
SpaceX, the aerospace, satellite and artificial intelligence company founded by Musk, began trading on the Nasdaq stock exchange with a valuation of approximately $2.2 trillion. The company offered shares at $135 each, but strong investor demand pushed the stock as high as $176.50 before closing at around $161.
The blockbuster listing raised $75 billion and significantly boosted Musk’s wealth. According to the Bloomberg Billionaires Index, his net worth climbed to $1.11 trillion, cementing his position as the world’s richest person.
Musk owns about 42 per cent of SpaceX, giving him a stake valued at more than $767 billion. His holdings in Tesla and stock options across both companies account for much of the remainder of his fortune.
Investor enthusiasm reflected confidence in SpaceX’s long-term ambitions, which extend beyond rockets and satellite communications to artificial intelligence and future space-based industries. The company said funds raised through the IPO would support expansion of its reusable rocket programme, Starlink satellite internet network and AI initiatives.
Despite the strong market debut, analysts noted that SpaceX remains unprofitable and has reported losses linked to heavy spending on AI infrastructure and other growth projects.
The company has also outlined ambitious plans centred on what it calls a future “lunar economy,” involving the regular movement of people and cargo to the Moon and eventually Mars.
Market observers said the debut highlighted investor confidence in Musk’s long-term vision, although some cautioned that the company’s valuation is driven largely by expectations of future growth rather than current earnings.
