Elon Musk Becomes First Trillionaire on Paper After Record SpaceX IPO

Elon Musk became the world’s first trillionaire on paper after SpaceX priced its initial public offering at $135 per share. The roughly $75 billion raise is the largest IPO in history.

Musk’s net worth will exceed $1.1 trillion when the stock begins trading Friday, according to Reuters calculations based on company filings. The figure includes stock components that vest over time, and major wealth trackers differ on the total. Bloomberg estimated Musk’s net worth at $971 billion in one tally, while his SpaceX stake alone is worth roughly $866 billion.

Musk’s net worth will exceed $1.1 trillion when the stock begins trading — a figure that includes stock components vesting over time. — Reuters calculations based on company filings

The company is selling 555,555,555 shares of Class A common stock, according to a SpaceX pricing announcement. Shares are expected to begin trading June 12 on the Nasdaq Global Select Market and Nasdaq Texas under the ticker SPCX, and the offering is expected to close June 15.

SpaceX also granted underwriters a 30-day option to buy up to 83,333,333 additional shares at the offering price, the announcement said.

The deal values SpaceX at $1.77 trillion, making it the seventh most-valuable U.S. company, ahead of Tesla, according to CNBC. The offering eclipses Saudi Aramco’s previous record of $29.4 billion, set in 2019.

Demand ran high just before the debut. Individual investors placed roughly $100 billion in orders through platforms including Robinhood, Fidelity and SoFi, according to Bloomberg.

Goldman Sachs is the lead banker on the offering, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase. The Securities and Exchange Commission declared the registration statement effective June 11, the company said.

Founded in 2002, SpaceX has grown from a rocket startup into a major satellite operator and has folded in Musk’s artificial intelligence company xAI, which includes the social platform X.