2 hours ago - Economy

SpaceX raises $75 billion in its IPO

Dan Primack

SpaceX rocket launch in 2024 — Photo by Miguel J. Rodriquez Carrillo/AFP via Getty Images

SpaceX on Thursday raised $75 billion in its IPO, valuing Elon Musk's company at around $1.77 trillion.

Why it matters: This is the largest U.S. IPO ever, at least until Anthropic and OpenAI go public later this year, and makes SpaceX one of the world's most valuable companies.

Zoom in: SpaceX sold 555.56 million shares at $135 each, as expected.

Reports say the offering was very oversubscribed, including by retail investors who were allocated an unusually large number of shares.

By the numbers: Musk didn't sell any shares in the offering, which valued his position at over $866 billion.

He's now the world's first trillionaire, at least on paper, when his Tesla holdings are added.

Look ahead: SpaceX is expected to begin trading Friday on the Nasdaq under ticker symbol SPCX, although it is likely to be several hours after market open.

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SpaceX raises $75 billion in its IPO

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