SpaceX raised $75 billion ahead of the largest ever initial public offering (IPO) at $135 per share, making its founder, Elon Musk, the world’s first trillionaire.
The IPO increased Musk’s personal net worth to over $1.1 trillion. SpaceX’s stock started trading Friday at $135 before surging to $170 a share. Trading platform Robinhood said it saw “record-breaking traffic” after SpaceX’s historic IPO debut on Friday.
The IPO debut made instant millionaires of SpaceX’s 22,000 employees and early investors.
In a filing with the Securities and Exchange Commission, the company said it wants to expand its reusable rockets, satellite communications business and artificial intelligence (AI).
Earlier this year, SpaceX acquired Musk’s startup xAI and plans to expand its data centers and develop AI microchips to launch data centers in space.
U.S. Senator Elizabeth Warren called for a wealth tax on obscenely rich people like Musk. “The typical American household would have to work more than 11 MILLION years to make Elon Musk’s level of wealth. We need a wealth tax,” Warren tweeted on Friday.
Bernie Sanders said Musk “pays the same amount into social security as someone making $184,500. If we end that absurdity… we can make social security solvent for 75 years and expand benefits by $2,400,” Sanders tweeted.
The average Social Security payment is approximately $1,933 a month for retirees who file before age 65.
OpenAI, which is currently valued at $850 billion, plans to go public with its IPO on November 27, 2026.