Elon Musk delivers an inspiring speech at the SpaceX IPO event, sharing his initial doubts about the companys success but emphasizing the importance of making life multi-planetary and creating an exciting future for everyone.
Elon Musk’s SpaceX began trading at $150 a share on Friday, above its listing price of $135 a share, making him the world’s first-ever trillionaire following the IPO.
The rocket and satellite company raised a record $75 billion, valuing the company at about $1.8 trillion, pushing the value of Musk’s stake in SpaceX to an estimated $690 billion. The company is trading on the Nasdaq under the ticker “SPCX” after pricing its IPO on Thursday.
Combined with his holdings in electric vehicle maker Tesla, as well as other investments and assets, Musk’s net worth is now estimated at about $1.1 trillion.
SpaceX stock jumped after it began trading, rising to $168.75 a share before paring some of those gains to trade around $158 a share. It subsequently rebounded and reached a new high of $176.52, and closed at $160.95 per share.
Elon Musk founded SpaceX and continues to serve as its CEO. (Jessica Christian/San Francisco Chronicle via Getty Images)
Investor demand for SpaceX has been intense. Reuters reported this week that the company attracted more than $250 billion in orders, while Bloomberg News reported Thursday that retail investors alone submitted more than $70 billion in requests for shares.
The company is expected to allocate at least 20% of the offering to retail investors, according to Bloomberg — an unusually large portion for individual investors in a deal of this size.
SpaceX’s IPO raised $75 billion and was the largest IPO in history, surpassing the $29 billion IPO of Saudi Aramco in 2019.
The IPO cemented Musk’s status as the world’s richest person, pushing the value of his holdings toward $1 trillion, a milestone no individual has previously reached.
SpaceX has grown into the world’s largest space company. (AFP via Getty Images)
Founded by Musk in 2002, SpaceX has grown into the world’s largest space company and a dominant force in commercial launch services. The company pioneered reusable rocket technology, helping lower launch costs and reshape the economics of the space industry. It has also become a key contractor for NASA and the U.S. government through civil and national security missions.
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