SpaceX IPO makes Elon Musk a trillionaire

Elon Musk is poised to become the world's first trillionaire following the record-breaking initial public offering of his space exploration company, SpaceX.

The company confirmed the sale of approximately 555.6 million shares at a price of $135 each, a move that will raise around $75 billion. This valuation places SpaceX at an astounding $1.77 trillion, significantly surpassing the $29 billion raised by Saudi Aramco in its 2019 IPO, previously the largest on record.

SpaceX's debut on the stock market is scheduled for Friday. The company's valuation at launch exceeds that of Meta Platforms, formerly Facebook. This IPO is expected to solidify Musk's position as the wealthiest individual, with his net worth measured by the value of his stakes in SpaceX and Tesla.

However, the company's financial performance presents a stark contrast to its market valuation. SpaceX reported a net loss of approximately $4.94 billion on revenues of $18.67 billion last year. Investors appear to be prioritizing the company's future potential, particularly in its Starlink satellite internet service, which had over ten million customers by the end of March. Future growth is also anticipated from artificial intelligence applications, with SpaceX aiming to capture a share of a market estimated at over $22 trillion. The company is exploring ambitious projects, including orbital data centers, though the technical feasibility remains uncertain.