The News
Elon Musk became the world’s first trillionaire with today’s SpaceX IPO, the largest ever. Retail investors, who were allocated about 20% of the deal, along with Musk’s confidants and colleagues, got a lot richer, too.
The company sold $75 billion worth of shares at $135 a piece, valuing it at $1.77 trillion by Friday morning. SpaceX’s market cap stands at over $2 trillion after its first day of trading.
Investor demand was massive as shares opened on the Nasdaq at $150 and closed at $161 a share. The boost is a positive sign for Anthropic and OpenAI, which are expected to go public in mega offerings later this year.
In this article:
The Pop
SpaceX closed its first day of trading up 19%.
The Biggest
The size of SpaceX’s IPO is nearly triple prior-record-holder Saudi Aramco’s offering in 2019.
The Winners
SpaceX’s IPO created huge financial windfalls for its executives.
Time to Grow
SpaceX stayed private for longer than many tech companies.