SpaceX, founded by Elon Musk, experienced significant gains in its share price on Monday, following its historic market debut on Friday. The company’s shares increased by approximately 6 percent early in the trading session, adding to its substantial rise of nearly 20 percent upon its initial public offering (IPO) on Friday.
The remarkable performance of SpaceX shares has positioned Elon Musk as the world’s first trillionaire and alleviated concerns on Wall Street regarding investor reception of the company’s substantial valuation. On its market debut, SpaceX raised $75 billion, attaining an unprecedented valuation of $1.77 trillion, marking the largest IPO in history.
As of Monday, SpaceX is valued at over $2.2 trillion, setting a benchmark for other major technology companies like Anthropic and OpenAI, which plan to go public with expected valuations nearing $1 trillion. SpaceX’s record-setting IPO overshadowed the previous holder, Saudi Aramco, which gathered over $29 billion in its 2019 IPO.
SpaceX has revolutionized the space industry by offering reusable rockets and launching the satellite internet service, Starlink. In a strategic expansion, SpaceX acquired Musk’s artificial intelligence company, xAI, along with the social media platform X. This consolidation strengthened Musk’s business empire and provided financial support to xAI.
Since its inception in 2002, SpaceX has occasionally served as a financial reservoir for Musk. After revealing its financial details for the first time recently, SpaceX reported a loss exceeding $4.9 billion last year. This contrasted with a profit of $791 million in 2024, largely due to increased investment in AI. Despite losses, the company’s revenue increased by 33 percent to $18.7 billion last year.
Lauren McCarthy, a reporter for The Times, covers investigations and breaking news.
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