SpaceX is the first company to go public in the largest financial markets initial public offering (IPO). The rocket firm took a whopping $75 billion in funds by selling 555.6 million shares at $135 per share. This huge launch puts SpaceX in the pantheon of the world’s richest companies. Additionally, it puts founder Elon Musk on the verge of becoming the world’s first trillionaire.

Crushing Previous Market Records

The landmark offers more than doubled oil major Saudi Aramco’s record set in 2019. The stock was so popular, buyers needed over four times more stock than was available. Retail investors contributed in a huge manner, sending in orders for more than a hundred billion dollars worth of investment. This easily surpassed the 20 percent pool initially set aside for them.

A Trillion Dollar Valuation

SpaceX trades on Nasdaq stock exchanges under the ticker SPCX, and is valued at $1.77 trillion. On an as-reported basis that figures would rise to $1.8 trillion if it included employee stock options. This makes SpaceX worth more than Musk’s electric car company, Tesla.

Musk’s future plans resonated with investors embracing the concept. He sold SpaceX as central to the artificial intelligence frenzy, including space data centres and lunar robot manufacturing plants.

Musk Nears Trillionaire Status

With the windfall, the financial and Musk’s net worth approaches $970 billion. His personal stake in SpaceX is now worth $688 billion. He could breach the trillion dollar mark if the stock gets to rally once trading begins. Musk, though, won’t be able to sell any of his shares for an entire year. He also holds 84 percent of the voting rights and retains ultimate control of the company.

Setting the Stage for AI Giants

This event was record breaking and marks a new benchmark in the tech industry. Everyone is now waiting for soon-to-be-listed OpenAI and Anthropic, the artificial intelligence giants. Valuations of above $1 trillion may be the goal for both companies. Wall Street will be watching closely to see how much capital appetite there is for big AI machines.