Loading dispatches...
← Return to NewsroomEconomy
SpaceX IPO Live Updates: SPCX Rises 20%; Musk Becomes World's First Trillionaire
Breaking
Kyiv bridge hit in further Russian drone attack as German chancellor makes surprise visit
SpaceX IPO Live Updates: SPCX Rises 20%; Musk Becomes World's First Trillionaire WSJ Explainer: SpaceX's IPO includes a "greenshoe" option – here's what that means Reuters What the SpaceX IPO means for us non-trillionaires NBC News Elon Musk Becomes the World’s First Trillionaire The New York Times SpaceX stock jumps 19%, closing near $161 after record IPO: Live updates CNBC
As billionaire Elon Musk's firm SpaceX embarks on what could be the biggest initial public offering (IPO) in history, he has now become a trillionaire.That level of wealth, owned by just one person, was previously unfathomable. Before Friday, the trillion-dollar mark was reserved only for measures like gross domestic product (GDP) or the staggering debt of a handful of major economies, and, in the last decade alone, the value of some of the biggest companies to ever trade on the stock market.Musk's new title as a potential trillionaire comes amid a wider surge in wealth among the world's richest individuals. Over the year, the ranks of billionaires have continued to expand, from tech titans to celebrities. At the same time, many people around the world are grappling with rising living costs and financial pressures. Critics argue that the prospect of the world's first trillionaire underscores the growing divide between the ultra-wealthy and the rest of society, highlighting widening economic inequality.Quick answers to key questions•5 QUESTIONSElon Musk became the world's first trillionaire following the successful launch of SpaceX's initial public offering (IPO), which valued the company at over $2 trillion, significantly boosting his net worth.SpaceX's IPO was successful due to a 23% surge in stock price during its Nasdaq debut, attracting investors with its ambitions in rocket technology, satellite internet, and artificial intelligence.Musk's wealth highlights growing economic inequality, as his status as a trillionaire contrasts sharply with rising living costs and financial pressures faced by many worldwide.As of the latest reports, Musk's net worth of $971 billion surpasses the combined wealth of major tech CEOs like Larry Page and Jeff Bezos, marking a significant lead in the tech industry.The term 'trillionaire' refers to an individual whose net worth exceeds one trillion dollars, a milestone reached by Musk with his ownership stake in SpaceX, particularly following its landmark IPO.According to Forbes, Musk’s net worth actually hit $1.1 trillion as of midday Friday, after SpaceX soared in its first moments on the market.SpaceX IPO opens todayShares of SpaceX surged 23 per cent in their Nasdaq debut on Friday as investors rushed into what became the world’s biggest IPO, drawn by the company’s broad ambitions in rockets, satellite internet and artificial intelligence. After opening at $150, the stock last traded around $166 per share, valuing SpaceX at more than $2 trillion and making it the sixth-largest US company. Market observers see the debut as a test for demand ahead of several large tech IPOs expected soon, including those from AI-focused firms Anthropic and OpenAI, Reuters reported.As Musk becomes the first trillionaire, here's a look at how his wealth compares with that of other tech CEOs:At the time of publishing, Musk's wealth, according to the Bloomberg Billionaires Index, stood at $971 billion, far ahead of several other tech companies' top bosses combined. The combined wealth of Google co-founders Larry Page ($304 billion) and Sergey Brin ($283 billion), along with Amazon founder Jeff Bezos ($262 billion), remains below Musk's net worth, underscoring the scale of his fortune.Here's a list of the top 10 richest people in the worldElon Musk: $971 billionLarry Page: $304 billionSergey Brin: $283 billionJeff Bezos: $262 billionLarry Ellison: $237 billionMichael Dell: $211 billionMark Zuckerberg: $202 billionJensen Huang: $170 billionBernard Arnault: $166 billionJim Walton: $147 billionHere are some ways to think about how far $1 trillion of money could go:To the moon and back: The size of $1 trillion is hard to imagine. If one trillion US dollar bills were placed end to end, they would stretch nearly 156 million kilometres. That is enough to travel to the Moon and back more than 200 times. The distance would also be greater than the roughly 93 million miles between Earth and the Sun.2. $122 for every person on
The oversized display depicted a smiling, shirtless Musk and carried a series of critical messages aimed at the entrepreneur and his AI venture.An inflatable effigy of SpaceX CEO Elon Musk, protesting Musk's Grok AI, stands in Times Square in New York City on June 11, 2026. (AFP)New York's Times Square was greeted on Thursday by a giant inflatable sculpture of Elon Musk, appearing just a day before SpaceX's highly anticipated IPO, which is expected to further boost the billionaire's already massive wealth.The oversized display depicted a smiling, shirtless Musk and carried a series of critical messages aimed at the entrepreneur and his AI venture.Protest targets Grok controversyOne prominent inscription on the inflatable stated: "SpaceX's Grok makes AI child porn", referring to allegations that Grok, the chatbot developed by xAI and later acquired by SpaceX, generated sexually explicit images involving children.Quick answers to key questions•5 QUESTIONSConcerns have been raised about Grok generating potentially harmful content, including allegations of producing sexually explicit images involving children, which may lead to reputational harm for investors.The inflatable was organized by Safe AI Now (SAIN) to warn investors about the risks associated with Musk's AI venture Grok, coinciding with the anticipated IPO of SpaceX.SpaceX is allocating around 30% of its shares to retail investors, which is significantly higher than the usual 10%, increasing the exposure for these investors to volatility and risk.The IPO filing highlighted potential risks, including Grok's NSFW functionality leading to reputational harm and possible legal liabilities related to the generation of nonconsensual or exploitative imagery.Safe AI Now warned that investors are liable for every lawsuit and regulatory fine related to Grok, suggesting that investing in SpaceX involves significant risk due to the controversies surrounding Musk's AI initiatives.Addressing similar concerns earlier this year, Musk said in January that "anyone using Grok to make illegal content will suffer the same consequences as if they upload illegal content." X also maintained that it has “zero tolerance for any forms of child sexual exploitation.”Risks highlighted in IPO filingConcerns surrounding Grok's adult-content features were highlighted in SpaceX's S-1 filing last month ahead of the company's planned stock market debut on June 12. The filing cautioned investors that Grok's NSFW functionality could create "heightened risks" and lead to "reputational harm", partly because it may generate “nonconsensual or exploitative imagery.”Campaign group issues warning to investorsThe inflatable installation was organised by Safe AI Now (SAIN), a coalition that says it represents faith leaders, child-safety advocates and other concerned groups. According to SAIN, the display was scheduled to remain in Times Square until 7 p.m. ET on Thursday.According to Business Insider, the organisation said: "The goal of this effigy of Musk is to deliver a simple warning to investors: Musk built a dangerous and exploitative AI, covered up the damage, merged it with SpaceX, and is now selling the liability to the public at $135 a share."SAIN further argued that "SpaceX shareholders are on the hook for every Grok lawsuit, criminal investigation, and regulatory fine that is coming."'Inflated, full of hot air'Continuing its criticism, the group added: "While this inflatable is a fitting metaphor — much like Musk and his companies, it is inflated, full of hot air, and could pop at any minute — it serves as a warning to investors eager to buy into Musk's SpaceX IPO on Friday morning."About the AuthorKanishka SinghariaKanishka Singharia is a Senior Content Producer at Mint with a passion for news, trends, and the stories shaping the digital world. She specialises in spotting viral narratives by constantly tracking social media platforms and turning them into engaging, reader-friendly stories. Her work ranges
com SpaceX’s $75 Billion IPO Reportedly Attracts $250 Billion In Orders Forbes
com
Discussion (0)