Elon Musk becomes world& 039;s first trillionaire as SpaceX surges after record IPO ...Saudi Arabia

ٍٍٍSaudi Gazette - Economy
Elon Musk becomes world& 039;s first trillionaire as SpaceX surges after record IPO
source : ٍٍٍSaudi Gazette ( Saudi Arabia ) () 201
NEW YORK — Elon Musk became the world's first trillionaire on Friday after shares of SpaceX surged following what was described as the largest initial public offering in Wall Street history.SpaceX shares jumped more than 19% after opening for trading on Nasdaq, closing just below $161 after debuting at $150 per share. The rally gave the company a market capitalization of approximately $2.1 trillion, making it the sixth-largest publicly traded company in the United States.According to Forbes estimates, Musk's combined holdings in SpaceX and Tesla lifted his net worth to about $1.1 trillion.Largest IPO on recordThe company raised $75 billion through its public offering, surpassing the previous IPO record set by Saudi Aramco in 2019.Investors rushed to buy shares at the IPO price of $135, reflecting confidence in SpaceX's long-term ambitions despite significant financial losses.The company reported losses of $8.7 billion between the beginning of 2025 and March 2026 as it continued investing heavily in satellite networks, orbital data centers and artificial intelligence technologies.Funding ambitious goalsFounded in 2002, SpaceX said the public offering will help finance projects ranging from expanded satellite infrastructure to future missions aimed at establishing a human settlement on Mars.Marking the start of trading, Musk joined a ceremonial Nasdaq bell-ringing event from Starbase, the company's Texas headquarters."We want to make life multiplanetary," Musk said, reiterating his vision of enabling ordinary people to travel beyond Earth.The billionaire also spoke about future plans involving lunar tourism, Mars colonization and large-scale data centers operating in orbit.Investors bet on future growthSupporters of the company argue that SpaceX's leadership in reusable rockets and satellite technology positions it for significant long-term growth.However, some analysts questioned the valuation. Research firm Morningstar estimated the company's fair value at about $780 billion, citing technological challenges and uncertainty surrounding its artificial intelligence initiatives.The company has acknowledged in regulatory filings that some of its future business plans depend on unproven technologies and that its AI division continues to consume significant capital.Musk's wealth milestoneMusk built his initial fortune through the sale of Zip2 and PayPal before founding SpaceX and becoming an early investor in Tesla.His success in transforming both the commercial space industry and electric vehicle market has made him one of the world's most influential business figures.The SpaceX debut is expected to be followed by major public offerings from leading artificial intelligence companies, including Anthropic and OpenAI.

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