tech
SpaceX to list on US stock market at historic $1.77tn valuation
Initial public offering for aerospace and AI company made Musk the world’s first trillionaire as share prices jumped
TL;DR
- SpaceX had the largest stock market debut in history, beginning public trading at $150 per share.
- The company's valuation exceeded $2tn, with shares closing at $160, up over 19%.
- Elon Musk became the world's first trillionaire, with an estimated net worth of $1.1tn.
- The IPO is intended to fund SpaceX's mission to make humanity multiplanetary.
- Despite a revenue of $18.7bn last year, SpaceX recorded an operating loss of $4.3bn.
- SpaceX's debut is part of a predicted boom in artificial intelligence company IPOs.
- Concerns exist about the company's valuation, lack of profitability, and heavy reliance on Musk's control.
- The IPO is expected to make over 4,400 employees millionaires.