SpaceX roared through Wall Street’s stratosphere on Friday in in its initial public offering, leaving Elon Musk in a solo orbit above it all as the world’s first trillionaire.
SpaceX shares opened at $150, which, as noted by The Wall Street Journal, was 11 percent above the IPO price of $135 per share.
Musk’s share of SpaceX is worth about $690 billion. His stake in Tesla is worth about $279 billion.
As SpaceX executives rang the opening bell at the New York Stock Exchange, Musk watched on video.
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“SpaceX wants to be able to take you to the moon, take you to Mars, and ultimately beyond,” Musk said, according to PBS.
SpaceX raised $75 billion by selling 555.6 million shares.
Early Friday, SpaceX was valued at $1.77 trillion, but as its stock price rose, its value topped $2 trillion, according to CNBC.
Musk said SpaceX has had a positive cash flow for 11 years.
He said he plans “a significant growth phase” and hopes to put more than 100,000 satellites in orbit and develop artificial intelligence data centers in space.
SpaceX acquired Musk’s xAI in February. That means SpaceX owns Grok and X as well as Musk’s space-related projects, including Starlink.
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Musk was not alone in cashing in. CNBC noted that SpaceX employees and executives who own the stock became millionaires and billionaires on Friday.
As of about noon on Friday, the stock had hit $165 a share, a 22 percent increase from its initial target price, according to CNN.
SpaceX on Friday was ranked the sixth-largest U.S. publicly traded company behind Nvidia, Alphabet (parent of Google), Apple, Microsoft, and Amazon.
Some commentators said one day does not a success make, as noted by CNBC.
“This was a successful launch, no doubt about it,” Jay Woods, chief market strategist at Freedom Capital Markets said. “The public demand is there, so that’s a good thing. But now we’ll wait to see if it can hold that open price, or was it an euphoric retail crowd driving it?”
This article originally appeared on The Western Journal and is reposted with permission.
