SpaceX shares surge in historic Wall Street debut as Elon Musk’s wealth tops $1 trillion on paper
TheGrio...
The public offering is being described as the largest initial public offering in history.
SpaceX made history on June 12 with a blockbuster debut on Wall Street, sending shares soaring and pushing founder Elon Musk’s estimated net worth above the $1 trillion mark on paper.
According to the Associated Press, shares of the rocket company opened at $150 before climbing roughly 25% during early trading. The rally gave SpaceX a market valuation of about $2.21 trillion, making it one of the most valuable companies in the world.
The public offering is being described as the largest initial public offering in history. AP reported that the company raised approximately $75 billion, surpassing the previous record set by Saudi Aramco in 2019.
Trading under the ticker symbol “SPCX” on the Nasdaq, SpaceX marked the occasion with a ceremonial opening bell. President and Chief Operating Officer Gwynne Shotwell participated in celebrations in New York, while Musk joined remotely from Starbase, the company’s headquarters in South Texas.
Musk reiterated his long-term vision for SpaceX, emphasizing the company’s goal of making humanity “multiplanetary.” He said the funds raised through the IPO would help finance ambitious projects, including expanding satellite infrastructure, developing space-based data centers and eventually establishing a human settlement on Mars.
As reported by the Associated Press, Forbes estimated Musk’s net worth at approximately $1.1 trillion following the stock’s rise, making him the first person to reach the trillion-dollar threshold based on paper wealth.
Despite the enthusiasm surrounding the offering, some analysts remain cautious. Morningstar analysts told investors that they believe SpaceX’s valuation is significantly above what the company’s current fundamentals support. The research firm estimated the company’s value at roughly $780 billion, citing unproven technologies and substantial capital requirements.
SpaceX has reportedly posted significant losses while pursuing its long-term goals. The company lost $8.7 billion between the start of 2025 and March 31, 2026.
Still, investor optimism remains strong, with many betting that Musk can once again transform industries, just as he did with Tesla and earlier ventures. SpaceX’s debut is also expected to pave the way for other high-profile artificial intelligence companies, including Anthropic and OpenAI, which are anticipated to pursue public offerings later this year.