Elon Musk becomes world's first trillionaire as SpaceX soars in stock market debut

Elon Musk officially became the world's first trillionaire on Friday as SpaceX shares soared on their Nasdaq debut, giving the company a valuation of $2.2 trillion in the largest-ever initial public offering.

The shares were initially offered at $135 each, but trading opened at $150 and briefly hit $176.50 before closing at $160.95. The IPO raised $75 billion from investors, which SpaceX plans to use for investments in artificial intelligence and reusable rocket technology.

Musk's 42% stake in SpaceX was worth about $884 billion at the close, while his 12% stake in Tesla added another $183 billion, pushing his total net worth just over $1 trillion. However, this wealth is largely on paper, as Musk cannot sell any of his SpaceX stock for at least a year.

Reactions to wealth inequality

The trillionaire status immediately reignited debate about wealth disparity. U.S. Senators Bernie Sanders and Elizabeth Warren were among politicians who condemned the milestone, calling it a "wake-up call" for the need for wealth taxes.

The IPO also made millionaires of more than 4,400 current and former SpaceX employees, who receive stock as part of their compensation.

SpaceX's financial outlook

Despite the high valuation, SpaceX has lost over $9 billion in 2025 and 2026 so far, due to heavy spending on AI and infrastructure. The company's IPO prospectus states its ambition "to make life multiplanetary," including colonizing Mars and placing data centers in space.

While demand for the shares was huge, analysts warned that the price jump was driven by hype and scarcity as much as fundamentals. The key concern now is how SpaceX's stock price will hold over the long term.