{"id":264835,"date":"2026-06-12T19:51:52","date_gmt":"2026-06-12T19:51:52","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/264835\/"},"modified":"2026-06-12T19:51:52","modified_gmt":"2026-06-12T19:51:52","slug":"spacex-ipo-live-updates-elon-musk-becomes-worlds-first-trillionaire-as-stock-price-climbs-12","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/264835\/","title":{"rendered":"SpaceX IPO Live Updates: Elon Musk Becomes World\u2019s First Trillionaire as Stock Price Climbs"},"content":{"rendered":"

SpaceX<\/a>, Elon Musk\u2019s rocket and artificial intelligence company, capped the biggest-ever initial public offering by rising 11 percent as it began trading on Friday, turning the world\u2019s richest man into the first trillionaire and setting the stage for fast-growing A.I. companies to reach the stock market in a once-in-a-lifetime bonanza.<\/p>\n

SpaceX shares opened trading at $150, up from their I.P.O. price of $135 a share. That valued the company at nearly $2 trillion, exceeding the market capitalizations of other titans of American industry, including Walmart and General Motors combined.<\/p>\n

At that size, the offering dethroned Saudi Aramco<\/a>, Saudi Arabia\u2019s state-owned oil company, which was valued at $1.7 trillion and raised more than $29 billion when it went public in 2019. SpaceX raised $75 billion from its offering, more than the combined amount amassed by every other U.S. I.P.O. over the past two years, according to Renaissance Capital, a research and advisory firm.<\/p>\n

The pop in SpaceX\u2019s share price also catapulted Mr. Musk, 54, to trillionaire<\/a> status. The entrepreneur, who not only leads SpaceX but also runs the electric carmaker Tesla and other businesses, has long been the planet\u2019s wealthiest person. But passing the trillionaire milestone is significant, further augmenting Mr. Musk\u2019s fortune and influence.<\/p>\n

A coterie of Mr. Musk\u2019s friends<\/a> and venture capital and private investment firms were enriched by the I.P.O., many by billions of dollars. Thousands of SpaceX employees<\/a> instantly became millionaires.<\/p>\n

Mr. Musk spent Friday at the company\u2019s headquarters in Starbase, Texas, where he celebrated with employees, family, friends and investors. \u201cIt is certainly hard to believe that a little company that started in a warehouse in El Segundo is now going public,\u201d he told them, referring to SpaceX\u2019s founding in 2002 in Southern California. \u201cI gave SpaceX less than a 10 percent chance of succeeding at all.\u201d<\/p>\n

Elon Musk speaks via video call at the Nasdaq MarketSite during SpaceX\u2019s initial public offering opening ceremony on Friday.Credit…Andres Kudacki for The New York Times<\/p>\n

A SpaceX spokesman and Mr. Musk did not return requests for comment.<\/p>\n

SpaceX\u2019s blockbuster I.P.O. paves the way for mega offerings by the A.I. start-ups OpenAI and Anthropic, which are each valued at nearly $1 trillion. Never have three trillion-dollar entities gone public in the same year. Their stock market debuts could signal that a new era of corporate power has arrived, with SpaceX, OpenAI and Anthropic joining the pantheon of tech giants like Google, Microsoft, Amazon, Nvidia, Apple, Netflix and Meta.<\/p>\n

For SpaceX, the first day of trading capped a long road. Mr. Musk founded the company 24 years ago with the idea of making humans a multiplanetary species. For years, his dreams of private spaceflight seemed to be out of reach.<\/p>\n

But Mr. Musk has remade the space race with partly reusable rockets and transformed communication with the company\u2019s satellite internet service, Starlink. In February, SpaceX bought his A.I. company, xAI, which owned the social media platform X, creating a conglomerate of the tech billionaire\u2019s various interests.<\/p>\n

Mr. Musk has used SpaceX as a kind of piggy bank<\/a> over the last two decades, securing loans from the company to himself and relying on the firm to shore up several troubled businesses in his orbit. That was enabled partly because of Mr. Musk\u2019s iron grip on SpaceX; he controlled around 85 percent of the shareholder votes before the I.P.O. because of a class of supervoting shares and other corporate structures.<\/a><\/p>\n

In its I.P.O., SpaceX sold more than 555 million shares, representing a little more than 4 percent of the company\u2019s outstanding stock. The company and its bankers courted traditional institutional investors and encouraged wealthy individuals<\/a> and retail investors to buy. SpaceX also wanted several indexes to change their rules<\/a> so that its shares would be included faster than normal, which would eventually compel managers of large index funds to buy up the stock.<\/p>\n

In its I.P.O., SpaceX sold more than 555 million shares, representing a little more than 4 percent of the company\u2019s outstanding stock.Credit…Karsten Moran for The New York Times<\/p>\n

SpaceX\u2019s stock price is expected to swing higher and lower in the weeks after its listing, not necessarily because of shifting opinions about the company but because of certain technicalities. SpaceX is expected to face high demand for its relatively low number of shares available, potentially leading to sharp price rises. That could change as investor enthusiasm dies down and more shares become available to trade.<\/p>\n

JPMorgan analysts said this week that the recent average I.P.O. share price increase stood at 32 percent after the first day of trading, but fell to a loss of 26 percent after 12 months.<\/p>\n

Daniel Hanson, a portfolio manager at the investment firm Neuberger Berman who oversees a fund with a $200 million investment in SpaceX, said the speed at which SpaceX went public \u2014 six months from when Mr. Musk first announced his intentions \u2014 was an example of its executive team\u2019s \u201ctenacity.\u201d<\/p>\n

\u201cIt\u2019s exciting to see the team recognized by the public for what they have accomplished since their founding 24 years ago,\u201d he said.<\/p>\n

In recent weeks, SpaceX, which has contracts with NASA and other federal agencies, has also faced questions about its business<\/a>, including its spending and how it can justify its valuation. In its I.P.O. prospectus, the company reported that it had lost more than $4.9 billion last year, compared with a $791 million profit in 2024 because of increased expenditures on A.I. Revenue was $18.7 billion last year, up 33 percent from the previous year.<\/p>\n

Starbase, the headquarters of SpaceX, in Boca Chica, Texas.Credit…Jordan Vonderhaar for The New York Times<\/p>\n

In contrast, Meta, which owns Facebook, Instagram and WhatsApp, is valued at slightly less than SpaceX at just over $1.4 trillion, though it pulls in far more revenue and generates large profits. Last year, Meta\u2019s revenue totaled $201 billion, and profit was $60.5 billion.<\/p>\n

SpaceX has said it plans to use the money it raises from its I.P.O. to pay off loans and fund various moonshots, including Mr. Musk\u2019s goals of putting A.I. data centers into orbit, building a lunar factory and eventually sending humans to Mars.<\/p>\n

While skeptics have questioned whether these plans are feasible, Mr. Musk\u2019s fans abound. In New York, an excited crowd of several dozen people gathered outside the Nasdaq building in Times Square on Friday morning, including Zach Boucher, 45, who flew in from California overnight to see SpaceX listed on the Nasdaq.<\/p>\n

Mr. Boucher said he was buying more than 2,200 SpaceX shares through Wells Fargo and was \u201cnever going to sell, I\u2019m holding for the long term.\u201d<\/p>\n

This moment is \u201clike getting in on the ground floor of GE or GM, or being here when Microsoft opened,\u201d he said.<\/p>\n

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase and 18 other banks served as underwriters for SpaceX\u2019s I.P.O.<\/p>\n

(The New York Times has sued<\/a> OpenAI and Microsoft, claiming copyright infringement of news content related to A.I. systems. The two companies have denied the claims.)<\/p>\n

Joe Rennison and Lauren McCarthy contributed reporting from New York.<\/p>\n","protected":false},"excerpt":{"rendered":"SpaceX, Elon Musk\u2019s rocket and artificial intelligence company, capped the biggest-ever initial public offering by rising 11 percent…\n","protected":false},"author":2,"featured_media":264732,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[36019,36018,9,24,63,61879,134,136,135],"class_list":["post-264835","post","type-post","status-publish","format-standard","has-post-thumbnail","category-staten-island","tag-elon","tag-musk","tag-new-york","tag-new-york-city","tag-nyc","tag-space-exploration-technologies-corp","tag-staten-island","tag-staten-island-headlines","tag-staten-island-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/264835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=264835"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/264835\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/264732"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=264835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=264835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=264835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}