Tech billionaire Elon Musk has become the world’s first trillionaire after the historic public listing of SpaceX, which raised a record $75 billion in what is now the largest initial public offering (IPO) ever. The offering valued the company at about $1.77 trillion before trading began.
Gatekeepers News reports that IPO saw SpaceX sell more than 555 million shares at $135 each, surpassing the previous global IPO record held by Saudi Aramco. Investor demand for the shares was exceptionally strong, reflecting confidence in the company’s space launch operations, Starlink satellite internet business and artificial intelligence ambitions.
The listing significantly boosted Musk’s fortune because of his large ownership stake in SpaceX. According to Reuters, his net worth climbed above $1 trillion, making him the first person in history to reach the milestone. His wealth is also supported by holdings in companies such as Tesla and other technology ventures.
SpaceX’s debut on the Nasdaq also pushed the company’s market value above $2 trillion during early trading, placing it among the world’s most valuable publicly traded firms. Analysts said the successful offering could encourage more major technology companies to pursue stock market listings.
The development has reignited debate over wealth inequality, with critics raising concerns about the concentration of wealth among a small number of individuals. Supporters, however, argue that Musk’s fortune reflects the value investors place on the innovations and businesses he has built over the years.
The record-breaking IPO marks another milestone for SpaceX, which plans to use the funds to expand its operations, including its Starlink network and long-term space exploration projects.
