SpaceX IPO Rockets Musk Into Trillionaire Status — Evening Brief – 06.12.26

SpaceX officially began trading on the Nasdaq on Friday, with shares opening at $150, an 11% gain from the $135 IPO price at which the company sold 555.5 million shares, raising $75 billion in the largest public offering in history.

The deal was oversubscribed by a factor of four, with more than $350 billion in total orders placed, including $250 billion from institutional investors alone. Retail investor interest topped $100 billion; a figure that reflects the unusually high 20% retail allocation, far above the norm for offerings of this scale.

The debut pushed SpaceX’s initial valuation to $1.75 trillion, dwarfing the prior IPO record holders Alibaba, Meta, and Uber, and lifted Elon Musk’s net worth past the $1 trillion mark, making him the world’s first trillionaire. His stake in SpaceX alone is worth roughly $866 billion, and he retained overwhelming voting control through his Class B shares, preserving effective authority over the company’s strategic direction.

While SpaceX built its reputation on rockets and satellite communications, Wall Street is increasingly pricing it as an AI infrastructure company. Goldman Sachs expects SpaceX’s AI-related revenue to jump 100X by 2030. The company already provides computing power to Anthropic and Google, operates the Grok AI platform, and is actively exploring space-based data centers.

The IPO was not without controversy. Senator Elizabeth Warren called on the SEC to delay the offering, citing valuation concerns, governance structure, and the speed at which SpaceX will become eligible for major index inclusion. Wedbush Securities, meanwhile, maintained its view that the offering could eventually pave the way for a merger between SpaceX and Tesla, which already holds a SpaceX stake through its earlier merger with xAI.