SpaceX has begun trading on the Nasdaq after raising $75 billion in its initial public offering, selling 555.6 million shares at $135 apiece.
The deal values the reusable rocket company at $1.77 trillion, making it the seventh most-valuable company in the United States, surpassing Tesla in market capitalization.
Elon Musk is now positioned as the world’s first trillionaire, with his SpaceX stake alone valued at $866.5 billion.
His Tesla holdings add approximately $320 billion to that figure, not including certain options, pushing his total net worth well past the trillion-dollar threshold.
Musk controls over 82% of voting power at SpaceX, giving him virtually complete control over the company’s board and strategic direction.
SpaceX’s revenue base is anchored by its Starlink satellite internet service, which accounts for the bulk of company revenue and remains its only profitable business unit.
The company also absorbed artificial intelligence division xAI, which merged with SpaceX in February, adding a significant and fast-growing cost center to its balance sheet.
Capital expenditures in the first quarter reached $10.1 billion, more than doubling from the prior year, with $7.7 billion of that total directed toward AI infrastructure.
SpaceX has accumulated a cumulative deficit of around $41.3 billion since its founding in 2002, and the company warned investors in its prospectus that it may not achieve profitability in the future.
The nonprofit newsroom More Perfect Union released a report detailing how Musk convinced Nasdaq to forgo the usual waiting period to include SpaceX in its index fund, a move critics say could expose retirement savers to an overinflated stock.
SpaceX’s IPO filing projects potential AI revenue of up to $26.5 trillion, a figure that depends on the company’s ambition to place data centers in space, a technology that does not currently exist.
The company’s Nasdaq debut marks the first time retail investors have had the opportunity to buy into the 24-year-old firm, which has long been one of the most closely watched private companies in the world.
