Elon Musk’s SpaceX made a historic entrance onto the public markets Friday, becoming the largest initial public offering in history and helping propel Musk to a personal net worth exceeding $1 trillion.
Shares of the aerospace and satellite communications giant opened at $150 on the Nasdaq, roughly 11 percent above the company’s IPO price of $135. The strong debut pushed SpaceX’s valuation to approximately $1.96 trillion, well above the $1.77 trillion valuation the company targeted while seeking to raise $75 billion through the offering.
The milestone marks a remarkable transformation for SpaceX, which was founded in 2002 as a private rocket company focused on reducing the cost of space transportation. Over the past two decades, the company has grown into a dominant force in commercial launches, satellite communications, and space exploration.
The public debut also cements Musk’s position as the first person in history to reach a net worth of $1 trillion. Already the world’s wealthiest individual, Musk’s fortune received a massive boost from SpaceX’s valuation as investors rushed to gain exposure to one of the most influential technology companies of the modern era.
SpaceX’s IPO is also being viewed as a major moment for the artificial intelligence sector. Following the company’s acquisition of xAI earlier this year, many investors now regard SpaceX as both a space technology leader and a significant AI player. The move comes as companies across the industry seek additional capital to fund increasingly expensive AI development efforts.
The offering could be the first in a wave of high-profile AI-related public listings. Both OpenAI and Anthropic have recently filed paperwork that could pave the way for future stock market debuts. However, neither company has committed to a timeline, with executives indicating that market conditions and strategic considerations will ultimately determine when, or if, they move forward with public offerings.
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