SpaceX debut lifts Musk to trillionaire status as shares surge on Nasdaq

Shares in SpaceX surged by nearly 20% on their debut on the Nasdaq, following a record-breaking initial public offering that raised $75 billion. The listing valued the rocket and artificial intelligence group at approximately $1.77 trillion, a milestone that has propelled Elon Musk to become the world’s first trillionaire, according to the Financial Times.

The initial public offering was priced at $135 per share. Upon commencing trading, shares opened at $150 and rose significantly in early trading, before settling near $166. The company’s valuation on paper has placed Musk’s net worth at an estimated $1.11 trillion, driven by the market capitalisation of his stake rather than realised cash assets.

The debut coincided with modest gains across major US equity indices. The Dow Jones Industrial Average rose 0.8%, the S&P 500 increased by 0.3%, and the Nasdaq Composite climbed 0.2%. The market activity occurred against a backdrop of broader geopolitical developments, including a summit between US and Chinese leaders in Beijing.

The event has intensified debate regarding wealth inequality and the intersection of private capital with public policy. The scale of the offering and the resulting concentration of wealth have drawn scrutiny, with the Financial Times noting the historic nature of the listing and its implications for global markets.

Musk’s status as a trillionaire is described as being on paper, reflecting the volatility inherent in share valuations. The listing marks a significant shift in the capital markets, highlighting the growing influence of private technology firms in public equity spaces.