SpaceX’s initial public offering (IPO) ended on a high note, with shares closing at $160.95, roughly 20% above the IPO price of $135. The company raised $75bn in the largest public offering ever, achieving a valuation of $2.1tn. Elon Musk, already the world’s richest man, became its first trillionaire as a result.
The IPO ties more everyday Americans to Musk’s empire, as many 401k retirement funds and index funds will now own stakes in SpaceX. However, the company’s future depends on Musk’s ambitious plans for space-based data centres and Mars colonies. SpaceX’s filings reveal it loses billions annually, with profits primarily from satellite internet.
Musk’s new trillionaire status drew protests and political backlash. Democratic politicians including Senators Bernie Sanders and Elizabeth Warren called for a wealth tax. California Governor Gavin Newsom posted that “the system is rigged”, while the Democratic Party account criticised Musk for cuts to children’s cancer research during his government role.
French economist Gabriel Zucman warned that economic disparity could have profound societal effects, stating: “The battle between democracy and oligarchy will be the defining battle of the 21st century.”
