Elon Musk’s ambitious company, SpaceX, marked a significant milestone with its eagerly awaited entrance into the stock market on Friday morning. This momentous occasion not only propelled Musk to unprecedented financial heights, making him the first individual to achieve a net worth of $1 trillion, but also captured the attention of investors worldwide.
Trading commenced on the Nasdaq with SpaceX shares launching at $150, surpassing the initial public offering (IPO) price of $135 by approximately 11 percent. This debut is poised to become the largest IPO in history, as SpaceX sets its sights on raising a staggering $75 billion. With a valuation soaring to $1.77 trillion, the company is expected to redefine the landscape of both the aerospace and financial sectors.
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(The Hill) — Elon Musk’s SpaceX made its highly anticipated stock market debut Friday morning, establishing him as the first person to ever be worth $1 trillion.
The spacecraft and satellite communications company began trading on the Nasdaq with shares opening at $150, about 11 percent above the initial public offering (IPO) price of $135. It is expected to be the largest IPO ever, with SpaceX aiming to raise $75 billion at a $1.77 trillion valuation.
“It is certainly hard to believe that a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever,” Musk said Friday morning from Starbase, Texas. “Let me tell you, if people had told me that this was going to happen, I was like, ‘Man you must be smoking some really good crack because I think this company’s going to fail.’”
The tech mogul, who is currently the world’s richest person, is poised to become the world’s first trillionaire as his company hits the stock market.
It also marks the first in a series of high-profile AI IPOs that are expected this year. Both OpenAI and Anthropic have filed paperwork to go public in recent weeks.
SpaceX, which was initially founded in 2002 as a rocket company, is now considered an AI play after acquiring Musk’s xAI earlier this year. All three companies appear keen to gain access to additional funding on public markets, as they face down the high cost of developing AI.
It’s unclear when OpenAI or Anthropic will join SpaceX in making their stock market debut. OpenAI underscored Monday that it has “not decided on timing yet,” adding it “may be a while because there are things we want to do that are likely easier as a private company.”
Anthropic also noted that its decision to file for an IPO gives it “the option to go public” but its “offering will depend on market conditions and other factors.”