SpaceX shares opened trading at $150 as the largest-ever initial public offering gripped Wall Street and investors around the world. That was 11% above the IPO price of $135.
Elon Musk is officially the world’s first trillionaire after SpaceX, trading under the ticker SPCX, went public. His SpaceX stake was valued at around $690 billion at the IPO price, while his Tesla stake makes up around $279 billion of his net worth.
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Lead banks Goldman Sachs and Morgan Stanley will take home the lion’s share of the IPO fees, getting a combined 40% or around $100 million apiece.
SpaceX executives rang the opening bell at the Nasdaq, as Elon Musk looked on via a video link. “SpaceX wants to be able to take you to the moon, take you to Mars, and ultimately beyond,” Musk said.
The rocket maker, which derives most of its revenue from its satellite-internet unit and has a nascent artificial-intelligence business.
Some skeptics think SpaceX’s total valuation of around $1.77 trillion is much too high.
