SpaceX Begins Nasdaq Trading After Record $75 Billion IPO
New Delhi — SpaceX began trading on the Nasdaq on Friday after completing a record $75 billion initial public offering, marking a major milestone for global markets and moving founder Elon Musk closer to becoming the world’s first trillionaire.
Executives from Space Exploration Technologies Corp. rang the opening bell at the Nasdaq stock exchange to mark the debut. Celebrations were also held at the company’s headquarters, where Musk and employees watched the event.
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 Musk’s wealth at about $982.6 billion, suggesting 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% 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 designed for deep-space missions.
The company has also grown rapidly through Starlink, its satellite internet business, which has become a key driver of revenue and investor interest.
Market participants described the listing as a turning point for public markets. Analysts said the successful debut could encourage other large technology and private companies to pursue IPOs in the months ahead. (Source: IANS)
