New Delhi, June 12: Elon Musk’s company, SpaceX, made headlines on Friday by listing on the NASDAQ after raising a record $75 billion through its IPO. This milestone brings Musk closer to becoming the world’s first trillionaire.
According to the Bloomberg Billionaires Index, Musk’s net worth surged to approximately $971 billion following the listing, marking an increase of $274 billion in just 24 hours. Since the start of this year, his wealth has jumped by $351 billion.
SpaceX set the share price at $135 during its IPO, leading to a valuation of nearly $1.77 trillion. This is being hailed as the largest IPO in history. The company trades under the ticker symbol ‘SPCX’.
Regulatory filings reveal that Musk holds 849.49 million Class A shares and 5.57 billion Class B shares, totaling around 6.42 billion shares. Due to SpaceX’s dual-class share structure, Musk controls about 85% of the company’s voting power; Class B shares carry ten votes each, while Class A shares have one vote.
Founded in 2002, SpaceX has revolutionized the global space industry with its reusable Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft, and the ambitious Starship program for deep space exploration.
The company has also rapidly expanded its satellite internet business, Starlink, which has significantly contributed to revenue growth and increased investor interest.
Market experts believe this listing could mark a pivotal moment for the public market. Analysts expect that this successful listing will encourage other major technology and private companies to pursue public offerings in the coming months.
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