SpaceX makes historic Nasdaq debut

… pushing Elon Musk to become world’s first trillionaire

By Precious Mark

Elon Musk’s SpaceX on Friday made history with its long-awaited debut on the Nasdaq Stock Market, completing what has been described as the largest Initial Public Offering (IPO) ever recorded and propelling the billionaire entrepreneur to the status of the world’s first trillionaire.

Elon Musk began trading under the ticker symbol SPCX after pricing its shares at $135 each, raising a record $75 billion through the sale of approximately 555.6 million shares.

The offering valued the company at about $1.77 trillion, instantly making it one of the most valuable publicly traded companies in the world.

Trading commenced on Nasdaq on Friday, June 12, with strong investor demand driving the stock above its IPO price shortly after the opening bell. Reports indicated that shares opened at about $150, pushing the company’s valuation beyond $2 trillion during its first day on the market.

The landmark listing eclipsed previous IPO records, including that of Saudi Aramco, and is being viewed as a defining moment for global capital markets and the commercial space industry.

Musk, who founded SpaceX in 2002, saw his net worth surge following the listing, with several financial publications reporting that the flotation elevated him to become the world’s first trillionaire. Much of the increase stems from his controlling stake in SpaceX, alongside interests in Tesla, X and xAI.

Speaking as the company entered public trading, Musk described the listing as a historic milestone for a company that began operations in a warehouse in El Segundo, California, more than two decades ago.

“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, reiterating the company’s mission of making humanity a multi-planetary species.

The IPO also created substantial wealth for thousands of SpaceX employees and early investors.

Reports indicated that an unusually high 30% of the shares were allocated to retail investors, allowing ordinary investors to participate in the record-breaking offering.

Investment banking giant Goldman Sachs served as lead bookrunner for the transaction. Goldman Sachs Chief Executive Officer, David Solomon, congratulated SpaceX on the successful listing, describing it as the largest IPO ever brought to market and praising the long-standing partnership between the investment bank and the aerospace company.

Gwynne Shotwell, SpaceX President, also hailed the development during the Nasdaq opening ceremony, describing the listing as another historic chapter in the company’s growth journey.

Founded in 2002, SpaceX has grown into a dominant force in the global space industry through its reusable rocket programme, satellite internet service Starlink, and expanding artificial intelligence operations.

Despite reporting losses in recent financial results, investor enthusiasm has remained strong, driven by expectations surrounding the future of space exploration, satellite communications and AI-related ventures.

However, some analysts have cautioned that the company’s valuation remains aggressive relative to its current earnings, warning that investors may face significant volatility in the months ahead.

The Nasdaq debut is expected to reshape both the technology and aerospace sectors, with investors closely watching whether SpaceX can justify its historic valuation as a publicly traded company.