New Delhi — Space Exploration Technologies Corp., better known as SpaceX, began trading on the Nasdaq on Friday after completing a record $75 billion initial public offering, marking a major moment for global markets and moving founder Elon Musk closer to becoming the world’s first trillionaire.
SpaceX executives marked the listing by ringing the opening bell at the Nasdaq stock exchange. Celebrations were also held at the company’s headquarters, where Musk and employees watched the trading debut.
The aerospace and satellite company priced its shares at $135 each, giving SpaceX a valuation of about $1.77 trillion in what is being described as the largest IPO in history. The company is trading under the ticker symbol SPCX.
The listing has sharply increased Musk’s fortune. Reports said the IPO pricing lifted his net worth to about $970 billion. After trading began, Forbes estimates placed his wealth at around $982.6 billion, meaning even a modest rise in SpaceX shares could push him past the $1 trillion mark.
Regulatory filings show Musk beneficially owns 849.49 million Class A shares and 5.57 billion Class B shares, giving him a combined holding of about 6.42 billion shares.
Under SpaceX’s dual-class share structure, Musk retains about 85 percent of the company’s voting power. Class B shares carry 10 votes each, compared with one vote for each Class A share.
Founded in 2002, SpaceX has reshaped the space industry with reusable Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and its Starship program, which is aimed at deep-space exploration.
The company has also grown rapidly through Starlink, its satellite internet business, which has become a major driver of revenue growth and investor interest.
Market participants described the listing as a watershed moment for public markets. Analysts expect SpaceX’s successful debut to encourage other large technology and private companies to pursue public offerings in the months ahead. (Source: IANS)
