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Musk’s SpaceX IPO raises record $75bn, makes Wall Street debut

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • SpaceX launched its initial public offering on Wall Street, raising over $75 billion in what is described as the biggest IPO in history.
  • The company's valuation is nearly $1.8 trillion, positioning it among Wall Street's largest corporations and potentially making Elon Musk the world's first trillionaire.
  • The IPO, which includes Musk's AI ventures, signals a coming wave of public offerings from AI companies and will trade under the ticker symbol "SPCX."

Elon Musk’s SpaceX embarked on its first day as a public company on Wall Street Friday, following the largest initial public offering in history. The company's IPO raised more than $75 billion, a figure expected to propel Musk toward becoming the world's first trillionaire and signal a new era for AI company listings.

SpaceX wants to be able to take you to the moon, take you to Mars, and ultimately beyond.

— Elon MuskMusk speaking at a launch event in Starbase, Texas, about the company's ambitions.

SpaceX priced over 555 million shares at $135 each, a move that values the company at just under $1.8 trillion. This valuation places it among the top 10 largest companies on Wall Street, surpassing giants like Meta and Walmart. The offering, trading under the ticker symbol "SPCX," is closely watched as SpaceX becomes the first major AI firm to go public, with OpenAI and Anthropic also preparing for market entry.

"SpaceX wants to be able to take you to the moon, take you to Mars, and ultimately beyond," Musk stated at a launch event in Starbase, Texas. He expressed confidence in his team's ability to achieve these ambitious goals. The company marked the occasion with a neon sign in Times Square reading “Building the infrastructure to the future.”

I’m confident at this point that with the incredible team that we have here at SpaceX, that we will do that for you.

— Elon MuskMusk expressing confidence in his team's ability to achieve SpaceX's goals.

Despite Musk's polarizing public image, partly due to his political endorsements and controversial statements on X, the record-breaking IPO underscores his continued investor appeal. The company, co-founded by Musk in 2002, has expanded significantly, integrating his AI company xAI, which encompasses the social media platform X (formerly Twitter), into its operations.

He sets very futuristic goals that no one else is doing, and I think that has got a lot of people excited.

— Sarin SioA financial company representative commenting on Musk's vision at the Nasdaq headquarters.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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