SpaceX Wall Street Debut Pushes Elon Musk Past US$1 Trillion

Elon Musk has become the first person in the world with an estimated fortune above US$1 trillion, after SpaceX began trading on Wall Street on Friday.

Forbes estimated Musk’s wealth at US$1.1 trillion after SpaceX shares jumped 23 per cent at the start of trading, lifting the rocket company’s market value to US$2.18 trillion. The stock started at US$150 and had reached US$166.90 by midday, as buyers moved quickly to invest in the company behind several major space ventures.

SpaceX offered more than 555 million shares at US$135 each, bringing in US$75 billion. That figure broke the previous initial public offering record, which had been held by Saudi Aramco since 2019.

Musk said the money is intended to support projects such as placing satellites and data centres in orbit, along with the longer-term goal of creating a human settlement on Mars.

He observed the milestone through a ceremonial bell-ringing at Starbase, the company’s launch site in South Texas. Musk again pointed to his ambition for people to live beyond one planet, saying SpaceX wants space travel to be available to regular people as well as astronauts.

"Whoever you are watching this, SpaceX wants to be able to take you to the moon, take you to Mars and ultimately beyond," he said.

The Wall Street listing has strengthened Musk’s lead on the global wealth rankings and added another major moment to his expanding business record.