SpaceX hits $2trn | Electronics Weekly

The shares were issued at $135 and ended the day at $161. At the moment the shares went past $150 on the Nasdaq Elon Musk became the first trillionaire with his stake in SpaceX worth $690 billion and his stake in Tesla worth )280 billion.

At $2 trillion SpaceX is the sixth most valuable US company.

“There are all these problems on Earth,” said Musk just before theIPO, “there are always things that we wish to be better, that we want to solve here on Earth, and we should solve them. But there also have to be things that get you excited about the future, that make you glad to wake up in the morning, because you can’t wait to see what happens next. That’s the future that SpaceX wants to bring to you.”

20% of the IPO  (usually only 5-10%) was allocated to ‘retail’ investors – i.e. individuals rather than funds. Retail investors have traditionally  been Musk loyalists.

Retail investors collectively offered to buy more than $100 billion worth of shares in the $75 billion offering.

Before the IPO, Nasdaq altered its rules to allow SpaceX expedited entry into the Nasdaq-100 index which guarantees forced buying from passive index funds.

The UK FCA also changed its rules for the event allowing  UK investors to invest directly in US IPOs for the first time.

UK investors bought 2.7 million SpaceX shares costing  £270 million in the IPO.

SpaceX has lost over $40 billion since being founded in 2022 including a loss of nearly $5 billion last year.