Topline
SpaceX shares closed up 19% on Friday following its highly anticipated initial public offering, which became the largest IPO of all time and sent Elon Musk’s net worth soaring into trillionaire status.
Key Facts
SpaceX, which opened trading at $150 per share, closed up 19% at $160.95 per share.
Initial projections forecast a $175 opening for SpaceX, which would have marked a 30% increase for its stock, according to CNBC and The Wall Street Journal.
SpaceX finalized its IPO price at $135 per share on Thursday even as investor orders reportedly topped $100 billion before it went public.
The IPO made Musk the world’s first trillionaire, with his estimated net worth reaching $1.1 trillion by the end of trading Friday.
Big Number
$2.1 trillion. That was SpaceX’s market capitalization at market close Friday.
How Does Musk’s Wealth Stack Up To Billionaires?
Musk has eclipsed the world’s wealthiest people in estimated net worth by more than three times. Google co-founder Larry Page, the world’s second richest person, had a net worth of $293 billion as of Friday. Page is followed by fellow Google co-founder Sergey Brin ($271 billion), Amazon co-founder Jeff Bezos ($248.6 billion) and Oracle co-founder Larry Ellison ($231 billion).
Key Background
Musk’s SpaceX consists of multiple companies. The aerospace company acquired Musk’s artificial intelligence startup, xAI, earlier this year in an all-stock transaction valued at $250 billion. The AI startup acquired the X social media platform last year in a $33 billion all-stock deal, meaning both xAI and X fall within the SpaceX umbrella. Musk’s company has inked lucrative AI deals with Anthropic and Google and plans to be the domineering firm behind orbital data centers, which SpaceX has said could be deployed as early as 2028. Musk has positioned the data centers as an answer to the resource constraints data centers have on Earth as demand for AI ramps up.
Further Reading
SpaceX Opens At $150—Surging 20% After Largest IPO Ever (Live Updates) (Forbes)
SpaceX’s IPO Just Made Elon Musk The World’s First Trillionaire (Forbes)