Musk Becomes World’s First Trillionaire, SpaceX Opens at $150, 11% Above Offering Price

TradingKey - On June 12, SpaceX (SPCX) opened at $150 in its market debut, 11.11% higher than its offering price of $135, with a trading volume exceeding $11.4 billion.

Its latest market capitalization stands at $2.05 trillion, instantly joining the ranks of the world's most valuable companies upon listing. Surpassing Broadcom, Tesla, and Meta, it currently ranks as the 8th largest company by market cap in the U.S.

Notably, if the stock is listed at $135, the market value of Elon Musk's massive 42% stake would soar to approximately $866 billion. Combined with his holdings in Tesla, Musk would become the world's first trillionaire.

According to market sources, SpaceX's IPO attracted cumulative investment demand exceeding $250 billion, roughly four times the planned fundraising size; the company has received subscription orders from approximately 1,000 institutional investors, covering a diverse range of entities including large asset management firms, sovereign wealth funds, family offices, and long-term funds.

The core logic behind the enthusiastic positioning of institutional capital lies in SpaceX's status as a scarce asset in the fields of global satellite communications, commercial aerospace launches, and AI infrastructure. For most long-term investors, SpaceX is one of the few super-platform enterprises in the market that simultaneously spans the three core sectors of "AI + Communications + Aerospace."

Retail investor enthusiasm is equally high, with reports indicating that retail subscription orders for the SpaceX IPO have exceeded $100 billion. As demand far outstrips the number of shares available for allocation, it is expected that many individual investors will ultimately fail to receive their full allocations.

It is worth noting that, in addition to the base offering size, this IPO includes a 15% over-allotment option, allowing underwriters to purchase an additional 83.33 million shares of Class A common stock at the offering price within a 30-day window.

Regarding valuation, Oppenheimer was the first institution to initiate coverage on SpaceX, setting a target price of $190, a premium of nearly 41% over the IPO price. However, significant market divergence remains concerning the company's valuation; Morningstar recently estimated SpaceX's value at approximately $780 billion, significantly lower than concurrent market expectations.