SpaceX soars 23% in Nasdaq debut, making Elon Musk the world's first trillionaire

The largest IPO ever

SpaceX (SPCX) began trading on the Nasdaq on Friday after pricing 555.6 million shares at $135 each, raising $75 billion in the largest initial public offering in history. The previous record was held by Saudi Aramco's 2019 IPO, which raised $25.6 billion according to Deutsche Welle (ABC reports the figure at $29.4 billion). The stock opened at $150, jumped as high as $168, and was quoted at $166.90 by midday in New York, valuing the company at about $2.18 trillion.

SpaceX (2026)75

Saudi Aramco (2019)25.6

SpaceX (2026)

75 $ billion

Saudi Aramco (2019)

25.6 $ billion

Data from the article text

Musk's trillion‑dollar fortune

Elon Musk, already the world's richest person, became the first individual with a net worth exceeding $1 trillion. Forbes estimated his wealth at $1.1 trillion, driven by his 42% stake in SpaceX and his Tesla holdings. In October 2025 he became the first person to surpass $500 billion, and in January 2021 he overtook Jeff Bezos as the richest person, with a net worth above $185 billion. Today's rally pushed his fortune above the once-unimaginable trillion‑dollar mark.

SpaceX stake690

Tesla stake279

Other holdings131

SpaceX stake

690 $ billion

Tesla stake

279 $ billion

Other holdings

131 $ billion

Data from the article text

"Literally you" — a mission to Mars

Musk participated remotely from Starbase, Texas, while COO Gwynne Shotwell rang the opening bell at the Nasdaq MarketSite in New York. In televised remarks, Musk restated the company's founding goal.

“Not just a few astronauts. Literally you. Whoever is watching this, SpaceX wants to be able to take you to the Moon, to Mars, and ultimately beyond.”

The debut enriched thousands of employees: nearly a third of SpaceX's workforce, more than 4,000 people, became millionaires. Top executives also saw huge paper gains; Shotwell's stake was valued at $1.8 billion, CFO Bret Johnsen's at $1.2 billion, and early investor Luke Nosek's at $4.1 billion.

A loss‑making giant enters public markets

SpaceX remains unprofitable. The company lost $8.7 billion between the start of 2025 and March 31, 2026. Musk has said the IPO was necessary to fund plans in rocketry, satellite internet, and artificial intelligence. Investor appetite was intense: demand for shares was triple the number offered. Analysts caution, however, that large US IPOs have uneven long‑term records — Visa shares have risen over 2,800% since 2008, while Rivian has fallen 81% since its 2021 debut.

Inequality in the spotlight

Musk's wealth now exceeds 3% of US GDP, a concentration that economists described as historically extreme. When John D. Rockefeller's fortune peaked in 1937, it equated to about 1.5% of GDP.

“The fact is that the wealth of some and economic inequality are growing at a pace we have never seen before.”

The milestone has renewed debate about extreme wealth and its influence on politics and society.