Elon Musk, the richest man in the world, has become a trillionaire after SpaceX, the rocket and satellite company he founded, had a fantastic first day of trading. The company's shares jumped 20 percent, giving it a valuation of $2.1 trillion.
On Friday, SpaceX shares closed at $161 on the Nasdaq. This was up from its initial public offering (IPO) price of $135. This IPO marks the largest stock market debut ever.
Before the listing, the IPO raised $75 billion from investors and underwriters.
"Liftoff! First $SPCX trade complete," SpaceX announced on X, which Musk also owns.
The 54-year-old's net worth now stands at $1.1 trillion, as per the Bloomberg Billionaires Index. His stake in SpaceX is 42 percent, worth approximately $767.1 billion as of Friday.
SpaceX launched with a valuation of around $1.8 trillion. By the end of Friday, it ranked as the sixth-largest publicly traded company in the United States.
Trading under the symbol "SPCX," SpaceX started trading shortly before noon. The company saw strong demand from investors right away.
Despite reporting a loss of nearly $5 billion last year, SpaceX is now among the most valuable companies in the world. It also generates much less revenue than many tech giants with similar valuations.
āI gave SpaceX a 10 percent chance of succeeding at all,ā Musk said just before the company went public.
Since starting in 2002, SpaceX has transformed from a small rocket startup into a major player in aerospace, satellite communications, and AI infrastructure.
Starlink, its satellite internet service, has helped SpaceX expand beyond just rockets into a wider tech and connectivity platform.
Musk runs multiple companies, including Tesla, SpaceX, xAI, and X. He began building his wealth by co-founding Zip2 and PayPal.
After buying X in October 2022 for $44 billion, Musk added monetization features to the platform. This move helped grow his business empire.
After selling Zip2 and PayPal, he reinvested most of his earnings into Tesla, SpaceX, and other projects.
Musk's wealth is now almost equal to the total economic output of Switzerland or Poland.
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