SpaceX on Thursday priced the biggest-ever U.S. initial public offering at $135 per share, raising a record $75 billion on the sale of 555.56 million shares. This values the company at $1.77 trillion, a record for an initial offering and has also made the company’s founder and CEO Elon Musk the first trillionaire.
SpaceX will rank seventh among U.S.-listed firms when its shares begin trading on the Nasdaq on Friday, though it lost money last year and other mega-caps far outpace its revenue, according to a Reuters report. The report also mentioned that SpaceX is now valued higher than companies like JP Morgan Chase, Berkshire Hathaway, Eli Lilly, as well as tech platforms like Meta platforms, and Tesla, which is also led by SpaceX CEO Elon Musk.
“The real test will be how the market digests the IPO over the next several weeks, not just one day,” said Adam Sarhan, chief executive of 50 Park Investments in New York. “The pricing came in just about right – not too hot, not too cold. Clearly retail investors are buying and, at this stage, they are a big component of this. We need to see follow-through after the first day of trading.”
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The sale breaks the previous record for the largest-ever IPO held by state-run oil giant Saudi Aramco, which raised $25.6 billion on Riyadh’s exchange in December 2019, valuing it at $1.71 trillion. In inflation-adjusted terms, Aramco raised $33.2 billion for a $2.21 trillion value.
The report also mentioned that SpaceX’s $1.77 trillion valuation, based on 13.08 billion shares outstanding, could rise further should the underwriters exercise their right to sell additional shares, a decision typically made within 30 days after the offering.
“The second richest person has been hovering around $300 billion, so about less than one-third of what Musk can potentially be worth tomorrow,” said Matt Durot, deputy editor at Forbes Wealth. “And only one other person, (Oracle founder) Larry Ellison, has ever been worth $400 billion.”
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The SpaceX IPO has also made the company’s founder and CEO Elon Musk the first trillionaire. Most of Musk’s wealth now rests with SpaceX, where he holds a stake worth roughly $866 billion. Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading Friday, according to Reuters calculations based on company filings. The tally includes stock components that would vest over time.
A recent Reuters/Ipsos poll revealed that Elon Musk’s SpaceX has become a household name in the U.S. Around 84% of Americans are familiar with the company, according to the six-day poll closed on Monday.
Musk’s trillionaire status has come amid widespread concerns about wealth inequality leading to criticisms of the ultra-wealthy. Musk has also been criticized for his controversial statements, his previous role in the Trump administration, and concerns about governance at his companies. His admirers on the other hand, reportedly view Musk’s no-filter style as part of his appeal.