Musk Becomes World's First Trillionaire
SpaceX's record $75 billion IPO, valuing the company at $1.77 trillion, pushed Elon Musk's net worth to pass $1.1 trillion on Friday
On Friday, the day of the world's largest IPO of all time, Elon Musk became the first trillionaire in the world when SpaceX shares started trading on the Nasdaq.
A Record-Breaking Debut
SpaceX listed at $135 each for 555.6 million shares, valuing the firm at around $1.77 trillion, and raising around $75 billion in capital. The offering was more than $45 billion larger than Saudi Aramco's 2019 listing that had raised approximately $29 billion.
Based on SpaceX's IPO prospectus, the value of Musk's SpaceX shares is approximately $866.5 billion according to the paper. This brings his net worth to over $1 trillion, and analysts believe it could reach $1.1 trillion if the stock does well in its early trading days.
A Sobering Footnote
The positive headline figures are coupled with a not-so-peachy tale of the company's finances. SpaceX's filing revealed that it was losing $2.6 billion on revenue of $18.7 billion last year, and it continues to lose money into early 2026.
Despite this, SpaceX said it expects to generate $18.7 billion in revenue in 2025, a 33 percent jump from last year's total, with over half of that revenue attributable to its satellite Internet service Starlink now serving more than 10 million subscribers globally.
Restrictions and voting power
After the listing, the percentage of SpaceX shares that Musk is expected to control will be more than 82 percent. He is not allowed, however, to sell any of the shares for a full year after the offering, so the majority of his new paper money riches will be off-limits for a while.
Wider Market Context
If the company's stock is valued as anticipated, it would be one of the U.S.'s eight most valuable companies, outstripping even Tesla and Meta by market capitalisation, even though it isn't generating much revenue.
The listing also comes at a significant time for the AI industry: Anthropic, another leading player in the field, is said to be paying SpaceX nearly $1.25 billion monthly for computing power until 2029.
What Comes Next
This is likely to be followed later this year by listings from Anthropic and OpenAI, both expected to be valued at around $1 trillion apiece, meaning Musk's moment of success isn't likely to last long.
Until now, the SpaceX listing is a new milestone in the lives of SpaceX and its CEO, one that investors, regulators and a public, more than ever focused on the concentration of wealth at the top, is watching closely.