Elon Musk on Friday became the world’s first trillionaire after shares in his SpaceX rocket company soared during the biggest‑ever stock market debut.
The Tesla and SpaceX founder cemented his position as the world’s richest man, with a net worth of $1.11 trillion (£828 billion), according to Bloomberg’s rich list.
SpaceX listed on the Nasdaq at a valuation of $2.2 trillion. Shares were offered at $135 but opened at $150, briefly touched $176.50, and closed at about $161, underscoring investor enthusiasm for Musk‑linked ventures in space, telecommunications and artificial intelligence.
The IPO raised $75 billion from investors and underwriters before trading began. Musk’s 42 per cent stake gives him unilateral control over the company’s direction.
Bloomberg valued his SpaceX shares at $767.1 billion at Friday’s close, alongside $53.8 billion in SpaceX options, $168 billion in Tesla shares and $116.4 billion in Tesla options.
Musk’s trillionaire status immediately sparked debate over wealth inequality, with his fortune comparable to the economic output of Poland or Switzerland.
Critics warned of the political power such wealth confers. Musk has donated hundreds of millions to President Donald Trump’s re‑election campaign and briefly headed the Department for Government Efficiency (Doge), where deep spending cuts shuttered USAID. Researchers writing in The Lancet warned such cuts could cause more than 14 million additional deaths by 2030.
Musk has also clashed with UK Prime Minister Sir Keir Starmer, including over the murder of British student Henry Nowak, and has drawn criticism for remarks on immigration and race.
US senators Bernie Sanders and Elizabeth Warren condemned the trillionaire milestone, with Warren calling it a “wake‑up call” for wealth taxes.
Despite the valuation, Musk’s fortune remains largely paper wealth tied to Tesla and SpaceX stock. He cannot sell SpaceX shares for at least a year. The listing is expected to create more than 4,400 new millionaires among current and former staff.
SpaceX’s valuation rests on optimism rather than profitability. The company lost over $9 billion in 2025 and 2026 amid heavy spending on AI and infrastructure. Its core business remains reusable rockets and Starlink satellites, now expanded into AI through its acquisition of xAI.
SpaceX said IPO proceeds will “fuel its growth strategy” in rockets, Starlink and AI, including speculative orbital data centres.
Investor Nancy Tengler of Laffer Tengler Investments called the AI segment a “cash incinerator” but backed the company’s long‑term potential, with expectations of a Tesla‑SpaceX merger within two years.
