Elon Musk is on the verge of becoming the world’s first trillionaire as SpaceX completed what is being described as the largest initial public offering (IPO) in history. The company raised $75 billion by selling shares at $135 each, giving SpaceX a market value of about $1.77 trillion. According to Reuters calculations based on company filings and Forbes estimates, Musk’s net worth is expected to exceed $1 trillion when SpaceX begins trading today, June 12 on Nasdaq. The milestone would put the Tesla and SpaceX chief far ahead of every other billionaire in the world and mark the first time an individual’s fortune has crossed the trillion-dollar mark.
SpaceX IPO largest in history
SpaceX said it sold 555.6 million shares at $135 each in the offering on Thursday, June 11. The IPO values SpaceX at $1.77 trillion, making it one of the world’s most valuable publicly traded companies. The stock is expected to begin trading on Nasdaq under the ticker symbol “SPCX.”According to Bloomberg, the offering is more than twice the size of the previous IPO record set by Saudi Aramco in 2019. The IPO attracted strong demand from investors. According to Bloomberg, orders for the shares exceeded the number available by more than four times.
SpaceX IPO pushes Elon Musk toward becoming first trillioniare
Reuters reported that Musk’s wealth before the offering was estimated at around $780 billion.Most of his fortune is tied to SpaceX, where his stake is now worth roughly $866 billion. When combined with his holdings in Tesla and other companies, Reuters and Forbes estimate his net worth could rise above $1.1 trillion.“The second richest person has been hovering around $300 billion, so about less than one-third of what Musk can potentially be worth tomorrow,” Matt Durot, deputy editor at Forbes Wealth, told Reuters. “And only one other person, (Oracle founder) Larry Ellison, has ever been worth $400 billion,” he added.
Investors continue to back Elon Musk’s vision
Investors have continued to support Musk despite concerns about valuations and the long-term profitability of some of his businesses.Reuters reported that analysts often describe the phenomenon as the “Elon premium” — a boost in valuation driven by confidence in Musk’s ability to turn ambitious ideas into major businesses.“Much like Tesla, SpaceX is a bet on Elon Musk,” Matt Kennedy, senior strategist at Renaissance Capital, told Reuters.JPMorgan Chase CEO Jamie Dimon recently praised Musk’s achievements. “Elon is the Edison of our time,” Dimon said during a conversation with Musk.
