New Delhi, June 13 (IANS). The initial public offering (IPO) of Elon Musk’s company SpaceX made a great start in the US stock market. The company’s shares gave early investors gains of up to 31 percent and closed 19 percent above their offering price of $135.
Shares closed at $160.95 at the close of trading, bringing SpaceX’s total market value (market cap) to nearly $2.2 trillion on its first trading day. With this, rocket manufacturing company founder Elon Musk became the world’s first trillionaire. And with this, SpaceX became the sixth most valuable public company in the world on the very first day of its listing on the stock market.
SpaceX’s entry into the market has come at a time when this year the stock market is moving mainly on the enthusiasm of investors regarding the prospects of the Artificial Intelligence (AI) sector.
The company raised approximately $75 billion through this public issue, which is considered to be one of the largest IPOs in history.
The company’s listing received an overwhelming response from institutional and retail investors. According to reports, the total orders were worth more than $350 billion, but despite this, about one-third of the investors could not get the shares. Demand from retail investors alone exceeded $100 billion.
According to analysts, the merger of Musk’s AI company XAI with SpaceX in the year 2026 and the company’s increasing efforts in the field of AI presented this IPO as a major test of the market’s enthusiasm towards AI-based business models.
However, some analysts have warned that the company’s high valuation may far outweigh its fundamental financial performance. SpaceX had reported a net loss of $4.28 billion in the first quarter of 2026.
According to data, the record for the biggest gain on the first day among IPOs raising $1 billion or more in the US is in the name of design software company Figma, whose shares rose by 250 percent on the day of listing in the year 2025. However, later much of that rally evaporated and now its shares are trading around 45 percent below the IPO price.
Meanwhile, after Elon Musk became a trillionaire, US Democratic leaders, including Massachusetts Senator Elizabeth Warren and California Representative Ro Khanna, have demanded a wealth tax on America’s richest people.
–IANS
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