Very few business leaders are as deeply engrossed in their job as Elon Musk and it has paid him off. The market listing today place Musk’s Space X at the top amassing him a fortune that has made him the world’s first trillionaire.
In a rare debut at the Wall Street, Space X raised $75 billion in what could become the largest IPO ever. The listing is expected to value Elon Musk’s rocket and satellite company at nearly $1.8 trillion.
A company which began two decades ago with an aim to lower cost of space travel fibered its network into satellite internet and artificial intelligence. The company has described the deal as central to its ambition of creating “orbital data centers” capable of delivering computing power from space.
SpaceX said that it sold all 555,555,555 shares offered in the listing at $135 apiece. Paving way for the company to raise roughly $75 billion- an offering that would surpass Saudi Aramco’s $29.4 billion listing in 2019, making it the biggest IPO ever.
A major portion of Elon Musks wealth is tied to his first venture Space X, which now makes him the worlds first trillionaire. The company is estimated to be worth around $866 billion. Alongside his holdings in Tesla and other assets, his net worth is expected to exceed $1.1 trillion once SpaceX begins trading.
Following the IPO, Musk is expected to retain ownership of about 42% of SpaceX. Although he cannot sell those shares for a year under the terms outlined in financial filings, the valuation of the company could substantially increase his paper wealth.
Demand for SpaceX shares has been unusually strong. According to a Wall Street Journal report, fund managers have placed sizeable orders surpassing the regular offerings.
From carrying a single rocket 20 years ago, Space X now conducts more than two launches in a week as per sources.