The shares opened at $150 and kept rising, reaching $166.90 around 12:.20 p.m. ET. That price gave the company a market value of $2.18 trillion. Forbes is now estimating Musk's net worth at $1.1 trillion.
Institutional and retail investors jumped at the opportunity to buy 555.6 million shares of SpaceX at the offering price of $135 apiece. The $75 billion in proceeds easily topped the previous record IPO from oil giant Saudi Aramco in 2019.
Musk says SpaceX is going public now because it needs money to fund its ambitions of putting satellites and data centers in space and eventually establishing a colony of people on Mars.
Musk earlier marked the opening of trading on Nasdaq, where the company's are trading under the symbol “SPCX,” by joining a ceremonial bell ringing from Starbase, the South Texas home of SpaceX.
He reiterated his lofty goals “to make life multi-planetary.”
“Not just a few astronauts, I mean literally you,” Musk said. “Whoever you are watching this, SpaceX wants to be able to take you to the moon, take you to Mars and ultimately beyond.”
Known for his brilliant technology breakthroughs, as well as wild claims and missed deadlines, Musk is expected to break that trillion dollar mark in the biggest initial public offering ever as investors place bets on a company with losses as big as its ambitions. Ahead of the first trade in SpaceX, Forbes puts Musk's net worth at $982.6 billion.
In addition to establishing a one-million person Martian colony, the company has promised to save humanity by establishing other outposts in space, launch data centers the size of football fields into orbit and outdo rivals Anthropic and OpenAI in the race to make money from artificial intelligence.
To reach its goals, SpaceX needs billions more than it currently takes in from its rocket and satellite business. Between the start of 2025 and March 31, 2026, the company lost $8.7 billion.
