SpaceX IPO Closes Up 19%, Makes Elon Musk the World’s First Trillionaire

SpaceX made its highly anticipated public debut on the Nasdaq on Friday, with shares closing at $160.95, up 19% from the IPO price of $135. The company raised $75 billion in the largest initial public offering in history, a record that also made CEO Elon Musk the world's first trillionaire on paper.

The 555.6 million shares priced at $135 each, and demand was so strong that underwriters exercised a green shoe option to sell up to 15% more shares. Trading volume was heavy, and Robinhood reported record-breaking traffic on its platform as retail investors rushed to buy in. Shares opened at $150 and surged as much as 30% before settling.

Who wins and who loses in the SpaceX IPO

Elon Musk holds about 85.1% of the company's voting power, giving him monarchical control over the publicly traded version of SpaceX. The IPO has boosted his paper wealth to more than $1 trillion. Other big winners include Goldman Sachs and Morgan Stanley, which together earned around $500 million in underwriting fees. About 4,400 SpaceX employees are expected to become millionaires, according to the New York Times.

But some lower-tier investors in pre-IPO special purpose vehicles will not know their true holdings until lock-up periods lift. And the company itself has a history of heavy losses: SpaceX lost $4.9 billion on revenues of over $18 billion in 2025, and has accumulated more than $37 billion in losses since inception.

What comes next: AI ambitions and a possible Tesla merger

SpaceX is now valued partly for its artificial intelligence potential, with investors betting that its Starlink satellite network can serve as a backbone for AI-driven applications. In an interview with CNBC on Friday, SpaceX COO Gwynne Shotwell hinted at a merger with Tesla, saying a combination might make Elon Musk's life easier. The comment has reignited speculation about a tie-up between the two Musk-led companies.

For now, SpaceX must answer to public shareholders who will expect profitability. The company's S-1 filing shows it has yet to turn a profit, and the path to sustained earnings remains uncertain. Musk's grip on voting power means he can steer the company without much interference, but the pressure to deliver returns will only grow. With Starlink and Starship as its core assets, SpaceX's next chapter will be defined by how quickly it can turn those technologies into consistent revenue.