SpaceX raised $75 billion Thursday night in what amounts to the largest initial public offering in U.S. history, catapulting Elon Musk's rocket company into the ranks of the world's most valuable corporations at a $1.77 trillion valuation.
The company priced 555.56 million shares at $135 each. Demand far exceeded supply. Retail investors received an unusually large allocation of shares, a sign of exceptional appetite for the offering.
Musk himself did not sell any shares in the deal. His stake in SpaceX alone is now worth more than $866 billion. When combined with his Tesla holdings, Musk's net worth has crossed into the trillion dollar range on paper, making him the world's first trillionaire.
SpaceX will begin trading Friday on the Nasdaq under the ticker SPCX, though the debut is likely to occur several hours after the market opens. The offering, while historically large, will be eclipsed if both Anthropic and OpenAI go public later this year as expected.
Author James Rodriguez: "The fact that Musk didn't sell a single share tells you everything you need to know about his conviction in the company's future."
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