SpaceX made its debut on US stock markets on Friday with a valuation approaching $2 trillion, making CEO Elon Musk the world’s first trillionaire.
The company’s shares opened at $150 each, up 11 percent from the initial public offering (IPO) price of $135, before surging 18 percent to close at $159 per share.
SpaceX sold $75 billion worth of shares in its IPO, with demand exceeding expectations by four times. Major investments came from long-term institutional investors and sovereign wealth funds, including those from Saudi Arabia and Kuwait.
The landmark listing places SpaceX among the world’s most valuable companies, despite the company reporting a loss of nearly $5 billion last year. Much of its growth has been driven by its Starlink satellite internet business, which accounts for around 80 percent of its revenue.
On the same day as its market debut, SpaceX successfully launched a Falcon 9 rocket carrying 29 satellites into space from Florida’s Cape Canaveral.
