Elon Musk Net Worth is now estimated at about $1.1 trillion after SpaceX priced its initial public offering at $135 a share and began trading at $150 a share, a development that followed strong investor demand.
The offering raised $75 billion and valued SpaceX at about $1.8 trillion, pushing the estimated value of Musk’s stake in the company to roughly $690 billion, as reported in coverage of the debut.
Shares moved sharply in early trading, rising to $168.75 a share before easing to around $158, then climbing to a new high of $176.52 and closing at $160.95 per share, trading on the Nasdaq under the ticker SPCX.
Founded by Musk in 2002, SpaceX has grown into a leading commercial launch provider and a major contractor for NASA and the US government, helped by reusable rocket technology that has reshaped launch economics.
Market Response And Corporate Details
Investor appetite for the deal was intense, with Reuters reporting more than $250 billion in orders and Bloomberg reporting retail investors submitted over $70 billion in requests, according to media accounts of the offering.
Bloomberg said the company planned to allocate at least 20 percent of the offering to retail investors, an unusually large portion for a transaction of this size, as noted in coverage of the IPO.
The company’s IPO filing showed Starlink, SpaceX’s satellite internet business, generated the bulk of the firm’s $18.67 billion in revenue last year, making it a key growth engine for the business.
The filing also described a dual class share structure, with Class B shares carrying 10 votes each and publicly traded Class A shares carrying one vote apiece, and indicated Musk would retain roughly 85 percent of the company’s voting power after the offering.
The New York Times, citing an analysis by investment platform Hill.com, reported that about 4,400 current and former SpaceX employees could become millionaires through accumulated stock compensation, and company executives Bret Johnsen and Gwynne Shotwell were present at the IPO market site.
