&imwidth=800&imheight=600&format=webp&quality=medium "SpaceX IPO soars and Elon Musk becomes world's FIRST trillionaire")
Elon Musk became the world's first trillionaire on Friday (June 12) after shares of SpaceX surged 11 per cent in their market debut following what is being described as the largest initial public offering in history. The aerospace and technology giant's shares closed at $150 on their first day of trading on the Nasdaq exchange in New York, up from the IPO price of $135. The blockbuster offering raised more than $75 billion, valuing the company at nearly $2 trillion and placing it among the ten most valuable publicly traded companies in the United States.
According to regulatory filings, SpaceX sold more than 555 million shares, with options for nearly 83 million additional shares, potentially increasing the total amount raised to over $86 billion. The offering was reported to be more than four times oversubscribed, reflecting strong demand from institutional and retail investors alike.
The debut capped weeks of intense investor enthusiasm surrounding the company, which has evolved from a rocket manufacturer into a sprawling satellite and artificial intelligence conglomerate. SpaceX now incorporates Musk's AI venture xAI, which also includes social media platform X, formerly known as Twitter.
Speaking at a launch event in Starbase, Texas, Musk outlined the company's long-term ambitions for space exploration. "SpaceX wants to be able to take you to the moon, take you to Mars, and ultimately beyond," Musk said while addressing employees. "I'm confident at this point that with the incredible team that we have here at SpaceX, we will do that for you," he added.
Celebrations also took place in New York, where the company displayed a neon sign in Times Square proclaiming: "Building the infrastructure to the future."
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Around 100 supporters and investors gathered outside Nasdaq's headquarters to mark the occasion. Among them was Sarin Sio of financial company Dovetail, who said Musk's ambitious vision continued to attract investors.
"He sets very futuristic goals that no one else is doing, and I think that has got a lot of people excited," Sio said.
