Elon Musk Hits Trillionaire Status as SpaceX (SPCX) Debuts on Wall Street
SpaceX’s IPO on Thursday broke Saudi Aramco’s record by becoming the largest in history as the company raised $75 billion. Shares were expected to start trading today at $135, but they actually opened at $150 under the SPCX ticker.
More volatility ensued in the initial trading minutes, with the newly listed asset going toward $170, where it was stopped, and now sits below $160.
Nevertheless, SpaceX quickly entered the top 10 global assets by market capitalization of over $2 trillion. It sits at the 9th spot as of press time, above Broadcom’s $1.8 trillion and below TSMC’s $2.2 trillion.
The company’s public listing and official valuation into the trillions of dollars has skyrocketed Elon Musk’s paper fortune, as the Tesla CEO has also become the world’s first trillionaire.
The spaceflight, telecommunications, and AI company, founded in 2002, sold 556 million shares yesterday at an initial price of $135 per share. Individual investors were able to request shares from five brokerages: Charles Schwab, Fidelity, SoFi, Morgan Stanley’s E*Trade, and Robinhood.
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