Elon Musk becomes the world’s first trillionaire as SpaceX begins trading

TLDR

• SpaceX debuted on the Nasdaq under the ticker SPCX, opening about 30% above its IPO price of $135.
• The IPO raised $75 billion, making it the largest in history, surpassing Saudi Aramco’s 2019 IPO.
• Elon Musk has become the world’s first trillionaire, with SpaceX valued at nearly $2.29 trillion.
• Bulls see SpaceX as a vertically integrated AI giant; Bears point to a net loss of $4.94 billion in 2025
• Governance concerns include Musk holding between 80% and 85% of voting rights, limiting the influence of public shareholders

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SpaceX shares went public on the Nasdaq on Friday under the ticker SPCX, opening about 30% above its IPO price of $135 per share. The stock was noted to open near $175, pushing the company’s valuation to around $2.29 trillion.

The IPO raised $75 billion, making it the largest in history. This easily exceeds Saudi Aramco’s $26 billion increase in 2019.

Elon Musk rang a ceremonial bell from Starbase in South Texas to signal the opening of trading. With the listing, Forbes estimates that Musk’s net worth has exceeded $1 trillion, making him the world’s first trillionaire.

SpaceX It priced its shares at $135 per share and sold 555.56 million of them. Retail order alone was reported to be over $100 billion, with BlackRock placing a single institutional order worth $5 billion.

The company allocated 30% of its shares to individual buyers, an unusual step in large initial public offerings. It also bypassed the traditional roadshow process that bankers typically use to gauge demand.

What does SpaceX actually do?

SpaceX, founded in 2002, says its mission is to make life multiplanetary. Starlink satellite internet service now connects customers in 164 countries and represents about 60% of the company’s revenue of $18.67 billion in 2025.

SpaceX says its operations account for more than 80% of the mass launched into orbit over the past three years. Starlink currently serves about 10.3 million users via a constellation of 9,600 satellites.

SpaceX has completed its merger with… Elon Musk Artificial intelligence company xAI in early 2026. Oppenheimer became the first major brokerage to cover the stock, giving it an outperform rating and a $190 price target. New Street Research set a 12-month target of $165.

Goldman Sachs’ forecasts included a potential 100-fold increase in AI revenues to $322 billion by 2030, although analysts noted uncertainty about these forecasts.

Bear case

Not everyone is convinced that the price is justified. Morningstar valued SpaceX at just $63 per share, calling the IPO “significantly overvalued.” Valuation professor Aswath Damodaran estimated the enterprise value at $1.22 trillion, well below the IPO’s implied figure.

Short seller Jim Chanos said the company is not worth $1.75 trillion “based on any reasonable assumptions.” He noted that SpaceX’s sales are about 90 times its sales, compared to Tesla’s sales of 14 times.

SpaceX reported a net loss of $4.94 billion in 2025, reflecting profits of $791 million in 2024. The loss came after the XAI merger. Revenue rose 33% year over year.

Elon Musk owns an estimated 80% to 85% of the voting rights, giving general investors limited say. Pension funds in California and New York sent a letter opposing the IPO structure, citing super-voting shares and mandatory arbitration rather than shareholder lawsuits.

S&P Global rejected SpaceX’s fast track to the S&P 500, meaning passive index fund buying may be slower than some investors expected. Nasdaq has revised its rules to allow faster entry into Nasdaq-linked index funds, with the ability to list within 15 days of listing.