Elon Musk officially became the world’s first trillionaire on Friday after SpaceX made its debut on the NASDAQ.
SpaceX (SPCX) opened for $150 per share on the NASDAQ on Friday – above the initial public offering (IPO) price of $135 per share.
Elon Musk’s stake in SpaceX is worth more than $766 billion, and combined with his Tesla holdings, his net worth exceeded $1 trillion, CNBC reported.
Elon Musk delivered remarks as he rang the opening bell.
“I gave SpaceX a less than 10% chance of succeeding at all,” Musk said
“Let me tell you, if people had told me this was gonna happen, I was like, man, you must be smoking some really good crack, because I think this company’s gonna fail,” Musk said to laughs.
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CNBC reported:
Shares of Elon Musk’s rocket company began trading publicly Friday on the Nasdaq stock exchange, raising $75 billion for the company in the largest initial public offering ever.
The company’s shares surged more than 15% just minutes into trading. That opening gave SpaceX a market value of more than $2 trillion dollars and made Musk the world’s first trillionaire.
Earlier in the day, Musk, SpaceX’s chairman, CEO and controlling shareholder, rang the Nasdaq’s opening bell from the company’s headquarters in Starbase, Texas, alongside hundreds of employees. Other executives, employees and investors simultaneously joined the celebration on the floor of the Nasdaq stock exchange in New York, on which SpaceX shares will trade under the ticker symbol SPCX.
The offering marks not just a historic moment for its size, but also its scope. SpaceX is the first of what is expected to be many major IPOs related to AI. Anthropic and OpenAI are also readying public offerings, but questions remain about just how profitable these companies will be in what is already an expensive and increasingly competitive business.
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