Elon Musk could become the world’s first trillionaire with SpaceX’s IPO
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- SpaceX shares opened at $150 and climbed to $166.90 by midday, giving the company a $2.18 trillion market value and making Elon Musk the first person worth over $1 trillion, according to Forbes.
- The IPO sold 555.6 million shares at $135 apiece, raising $75 billion and surpassing Saudi Aramco's 2019 offering for the largest IPO ever.
- SpaceX reported $8.7 billion in losses between the start of 2025 and March 31, 2026, as it funds Musk's ambitions of a one-million-person Mars colony, football-field-sized orbital data centers, and a satellite network.
- Morningstar analysts called the IPO "significantly overvalued," estimating SpaceX's fair value at $780 billion — less than half its debut market cap.
- SpaceX is the first of three "megacap" companies expected to go public this year, with Anthropic and OpenAI to follow; Nasdaq revised its rules to let SpaceX enter index-tied funds in just 15 days.
- Officials from California and New York pension funds sent a letter protesting the IPO's "super voting shares," mandatory arbitration clauses for shareholder claims, and Musk's concentrated control.
Why it matters: The $2.18 trillion debut valuation crowns Musk as history's first trillionaire on paper, but Morningstar's $780 billion fair-value estimate — less than half the IPO price — sets a stark counterpoint to investor enthusiasm, especially given $8.7 billion in recent losses and untested plans for orbital data centers and a Martian colony.
