SpaceX IPO Makes Elon Musk Trillionaire

SpaceX, led by Elon Musk, successfully completed the largest initial public offering (IPO) in history, raising $75 billion by selling 555.6 million shares at $135 each, valuing the company at $1.77 trillion. The stock began trading on Nasdaq-100 under the ticker SPCX, opening at $150 and quickly surging to over $160, pushing its market capitalization above $2 trillion and making it the sixth-largest public U.S. company. This historic debut propelled Elon Musk to become the world's first trillionaire, with his net worth exceeding $1.1 trillion. The IPO was significantly oversubscribed, with strong demand from both institutional and retail investors, the latter receiving an unusually high allocation of up to 30% of shares. The capital raised will fund SpaceX's ambitious projects, including deploying 100,000 next-generation SpaceX — Starlink satellites, establishing AI data centers in space, and ultimately colonizing Mars. The company recently acquired AI coding startup Cursor (software) and its parent company Anysphere in a $60 billion all-share deal to bolster its AI capabilities. The Nasdaq-100 revised its rules to allow for SpaceX's fast-track inclusion into the Nasdaq-100 index, which is expected to generate further demand from index-tracking funds. However, some analysts, like Morningstar DBRS, have expressed concerns about SpaceX's valuation, deeming it 'significantly overvalued' due to its unproven technologies and substantial capital needs, as the company reported losses despite growing revenue. The IPO is seen as a bellwether for upcoming mega-listings from other AI heavyweights like Anthropic and OpenAI.