Musk becomes world's first trillionaire as SpaceX shares jump

Subscribed with another email? Logout and Login with that one. Account subscription benefits alongside Premium Stories, Editorials, Opinions and more. Unlock these with Subscription The View From India Looking at World Affairs from the Indian perspective. First Day First Show News and reviews from the world of cinema and streaming. Today's Cache Your download of the top 5 technology stories of the day. Science For All The weekly newsletter from science writers takes the jargon out of science and puts the fun in! Data Point Decoding the headlines with facts, figures, and numbers THEdge At the cutting edge of education and careers Health Matters Ramya Kannan writes to you on getting to good health, and staying there Gender Agenda Stories from beyond the binary. The Hindu On Books Books of the week, reviews, excerpts, new titles and features. Published - June 12, 2026 10:10 pm IST - New York SpaceX CEO, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, U.S., on June 12, 2026. | Photo Credit: Reuters Shares in Elon Musk's SpaceX jumped 11% to $150 on their first day of trading Friday (June 12, 2026) after the biggest initial public offering in history, making the polarising entrepreneur the world's first trillionaire as he vowed to take humanity to Mars. The blockbuster operation, which raised more than $75 billion, is expected to kick off a series of major IPOs by AI companies in the coming months. The debut on the Nasdaq exchange in New York capped weeks of investor frenzy over the rocket company turned AI and satellite conglomerate. "SpaceX wants to be able to take you to the moon, take you to Mars, and ultimately beyond," Musk said at a launch event in Starbase, Texas, surrounded by staff. "I'm confident at this point that with the incredible team that we have here at SpaceX, we will do that for you," Mr. Musk added. About 100 people assembled outside the Nasdaq exchange's home in New York, where SpaceX also marked the occasion with a neon sign in Times Square reading "Building the infrastructure to the future." Mr. Musk "sets very futuristic goals that no one else is doing, and I think that has got a lot of people excited," said Sarin Sio, of financial company Dovetail, who had come to the Nasdaq headquarters. The company priced more than 555 million shares at $135 each in a filing with the U.S. markets regulator on Thursday (June 11), valuing SpaceX at just under $1.8 trillion. Friday's (June 12) gain lifted its market value to around $2 trillion, placing it among the 10 most valuable U.S. companies — ahead of Tesla, Facebook-owner Meta and Walmart. Options for nearly 83 million additional shares could push the total raised above $86 billion. Co-founded by Musk in 2002, the rocket startup has since expanded into a major satellite operator and has also folded in Musk's artificial intelligence company — xAI — which includes the social media platform X (formerly Twitter). Trading under the ticker symbol "SPCX," the conglomerate is being closely watched for how Wall Street absorbs the offering. SpaceX is the first out of the gates among leading AI giants eyeing public markets, with OpenAI and Anthropic both recently filing initial documents with regulators. The IPO comes just over a year after Mr. Musk left President Donald Trump's administration, following a months-long stint leading the highly contentious "DOGE" effort to slash government spending — while simultaneously juggling his CEO roles at Tesla and SpaceX. Mr. Musk's backing of Trump and right-wing populists in Europe — and a long list of incendiary comments on X — has seen the entrepreneur go from a broadly admired prodigy to a deeply polarising figure. The record IPO is nonetheless a testament to Mr. Musk's continued support among investors, with Bloomberg reporting that the offering was more than four times oversubscribed. Demand among retail investors — for whom 20% of shares were reserved — was also reported to be high. The IPO is expected to mint thousands of new millionaires and several billionaires, with former and current employees — and a long list of investors — from the company's near quarter-century history looking to cash in. The company's financials are giving some on Wall Street pause, as the valuation largely depends on Mr. Musk delivering on promises worthy of science fiction, including putting data centres in space and humans on Mars using as-yet unproven technology. A lot also hangs on a huge expansion of SpaceX's Starlink satellite internet service, as well as the success of xAI, the maker of the Grok chatbot and Mr. Musk's rival to OpenAI and Anthropic that has yet to gain traction. While SpaceX is growing quickly — revenue hit $18.7 billion in 2025 — it is also losing money, producing a net loss of $4.9 billion, mainly on spending to build AI capacity. In an extraordinary prediction, SpaceX's filing claims it can pull i

Musk becomes world's first trillionaire as SpaceX shares jump

Key takeaways

Also covered by

Musk becomes world's first trillionaire as SpaceX shares jump

Key takeaways

Also covered by

More in international