Shares of SpaceX soared 21% on Friday as the company began trading on the Nasdaq, pushing its market capitalization above $2 trillion, according to CNBC. The rocket and AI company raised approximately $75 billion in its initial public offering, making it the largest IPO in history, per NPR. Elon Musk's stake in SpaceX is valued at more than $766 billion, and combined with his Tesla holdings, his net worth is roughly $1.05 trillion, making him the world's first trillionaire, CNBC reported.
The debut marks the culmination of years of speculation about taking the private rocket company public. The IPO was fueled by investor appetite for space and AI plays, with SpaceX's Starlink satellite internet business and Starship development seen as key growth drivers. The company opened at $150 per share, according to the Financial Times. MarketWatch noted that broader markets edged higher amid reports of a potential U.S.-Iran deal to reopen the Strait of Hormuz, though the day clearly belonged to SpaceX.
Musk rang the opening bell both in New York and Texas alongside Gwynne Shotwell, according to CNBC. The stock's jump created a wave of new millionaires among early employees and investors, with wealth advisors noting that “SpaceXers” are approaching financial planning with engineering methods like troubleshooting and whiteboarding, per CNBC. Rival aerospace stocks and satellite companies also saw movement as investors recalibrated valuations across the sector.
Counter-argument: Some analysts caution that SpaceX's valuation rests on ambitious long-term “moonshots” — including Starship, Starlink, and Mars colonization. A former Tesla board member told CNBC that the company needs to achieve at least two of these three to sustain its current valuation. The Financial Times quipped that “terrestrial valuations don’t apply,” implying that traditional metrics like price-to-earnings may not justify the trillion-dollar plus price tag.