Elon Musk has become the first person in history to surpass a net worth of $1 trillion following the blockbuster stock market debut of his aerospace company SpaceX, according to reports Friday.
SpaceX began trading on the Nasdaq exchange under the ticker symbol SPCX after pricing its initial public offering at $135 per share.
The stock surged to $165 shortly after trading opened, a gain of about 22 percent, lifting the company’s market capitalization above $2 trillion and pushing Musk’s personal fortune beyond the $1 trillion mark.
Before the IPO, Musk’s wealth was estimated at around $813 billion, according to Forbes.
The Tesla and SpaceX chief executive was already the world’s richest person, with a fortune more than twice that of the second-richest individual, Google co-founder Larry Page, whose net worth is estimated at about $288 billion.
The latest surge in Musk’s wealth means his fortune now exceeds the combined net worth of Larry Page, fellow Google co-founder Sergey Brin and Oracle founder Larry Ellison, according to billionaire wealth rankings.
The valuation also places SpaceX among the largest publicly traded companies in the United States. The aerospace and technology firm ranks behind only Nvidia, Alphabet, Apple, Microsoft and Amazon in market value.
Founded by Musk in 2002, SpaceX operates a range of ventures, including Starlink, its satellite internet network, and xAI, the artificial intelligence company behind the Grok chatbot.
The milestone marks an unprecedented concentration of personal wealth and underscores investors’ confidence in SpaceX’s commercial space, satellite communications and artificial intelligence businesses.
