SpaceX’s Initial Public Offering Surges as Elon Musk Becomes First Billionaire

On the debut day of trading, SpaceX’s stock opened at $150 per share, marking a significant event in the company’s initial public offering (IPO) and making Elon Musk the first billionaire in history.

The stock quickly climbed 11% above its offering price of $135, bringing the company’s total market valuation to approximately $1.96 trillion. Shares began trading on the Nasdaq Composite Index under the ticker “SPCX” shortly after 11:47 a.m. on Friday.

In just a few minutes, the stock price surged into the $160 range, elevating the company’s market cap to around $2.1 trillion, which positioned SpaceX among the world’s most valuable companies.

This IPO solidifies Musk’s status as one of the wealthiest individuals ever, boosting his net worth above $1 trillion. After the IPO, he is expected to retain about 82% ownership of SpaceX, based on the latest filings.

Wedbush analyst Dan Ives commented, “SpaceX’s IPO is a pivotal moment for the technology sector, especially as we move into new advancements with AI and data.”

According to a statement released by the company, around 555.6 million shares were sold during this highly anticipated IPO, which encompasses SpaceX’s diverse interests, including rocket launches, satellite internet, and artificial intelligence.

The promising start is seen as a positive indicator for upcoming major listings this year, particularly those by AI companies like Anthropic and OpenAI. Notably, in February, SpaceX had merged with Musk’s own AI firm, xAI.

Investor enthusiasm was remarkably high, with orders significantly outnumbering the available shares. Retail investors alone reportedly placed over $100 billion in buy orders, as reported by Bloomberg.

SpaceX’s IPO, which includes interests in xAI, the satellite internet service Starlink, and the social media platform X, has set a new record, eclipsing Saudi Aramco’s previous benchmark of $29.4 billion raised in 2019.