Elon Musk Becomes World's First Trillionaire as SpaceX IPO Soars

Elon Musk has achieved a historic milestone, becoming the world's first trillionaire following a spectacular debut of his company SpaceX on the Nasdaq stock exchange. The rocket, AI, and satellite communications firm saw its valuation soar by 20% on its first trading day, reaching an impressive $2.1 trillion.

SpaceX shares closed at $161 on Friday, a significant jump from its initial public offering (IPO) price of $135. This performance marked the biggest stock market debut in history, raising $75 billion from investors prior to listing. The company's successful launch into the public market was celebrated by SpaceX on X, formerly Twitter, with a post stating, “Liftoff! First $SPCX trade complete.”

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Liftoff! First $SPCX trade complete.

At 54 years old, Musk's net worth now stands at $1.1 trillion, according to the Bloomberg Billionaires Index. His 42% stake in SpaceX alone is valued at $767.1 billion as of Friday. This valuation places SpaceX as the sixth-largest publicly traded company in the United States, trading under the ticker symbol "SPCX."

Despite SpaceX reporting a net loss of nearly $5 billion last year and generating less revenue than many tech giants with similar valuations, investor demand was strong. Musk himself expressed initial doubts about the company's prospects, stating before the listing, “I gave SpaceX a 10 per cent chance of succeeding at all.” Since its founding in 2002, SpaceX has grown into a major force in aerospace, satellite communications, and AI infrastructure, notably through its Starlink internet service.

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I gave SpaceX a 10 per cent chance of succeeding at all.