SpaceX launches biggest IPO in history as Elon Musk hits trillionaire status

SpaceX made history on Friday after launching the largest stock market debut ever, a move that pushed chief executive Elon Musk to become the world’s first trillionaire.

The aerospace company began public trading on Nasdaq at around midday, opening at $150 per share before climbing sharply during the day and shares later closed at $160, giving SpaceX a valuation of roughly $2.1trillion.

According to Forbes estimates, the surge increased Musk’s net worth to around $1.1tn.

“It is certainly hard to believe that a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever,” Musk said during an address at SpaceX headquarters on Friday.

He added that the company’s mission remains to “make humanity multiplanetary” and “take the fiction out of science fiction”.

SpaceX president Gwynne Shotwell also celebrated the milestone from the Nasdaq exchange floor in New York.

“Today, we make history again. We have a history of making history,” Shotwell said.

SpaceX combines several of Musk’s businesses, including Starlink, xAI and the company’s rocket operations. Despite its massive valuation, the company reported operating losses of $4.3bn last year.