SpaceX went public on the Nasdaq on June 12 in the largest IPO on record, and an opening jump of about 11% above its $135 listing price pushed Elon Musk’s net worth past $1T, making him the world’s first trillionaire, at least on paper. The listing valued the rocket and satellite firm at roughly $1.77T, topping Saudi Aramco’s 2019 record, and raised $75B, with Musk’s SpaceX stake alone worth about $765B. SpaceX steered an unusually large share of the float, around 20% to 25%, to retail investors versus the usual 5% to 10%, and global demand from small investors topped $100B. The debut comes as OpenAI and Anthropic both reveal plans to go public, while SpaceX, which absorbed Musk’s xAI earlier this year, points to business-focused AI products as its biggest potential market and earmarks proceeds for 100,000 next-generation Starlink satellites and data centers in space.
