Business magnate Elon Musk’s rocket and satellite company, SpaceX, has set the price for its massive initial public offering (IPO). This historic decision has increased Elon Musk’s net worth to approximately $970 billion (approximately ₹81 lakh crore). With this record increase, Musk is now very close to becoming the world’s first trillionaire (owner of $1 trillion).
$135 Share Price Set
According to reports, SpaceX has set a price per share for its IPO at $135 (approximately ₹12,825). Through this public offering, the company has raised approximately $75 billion, considered the largest IPO in corporate history. Based on this price, the total value of the entire SpaceX company has now reached approximately $1.77 trillion. The company’s shares will soon be trading on the US stock exchange, Nasdaq, under the code name “SPCX.”
A Massive Surge in Musk’s Wealth
This IPO pricing has increased Elon Musk’s personal wealth by approximately $275 billion in one go. According to official regulatory documents, Musk holds a total of 6.42 billion shares of SpaceX, including 849.4 million Class A shares and 5.57 billion Class B shares. At the current closing price, Musk’s total value in SpaceX alone has reached $688 billion.
Musk Will Retain Complete Control of the Company
Despite being listed on the stock exchange, Elon Musk will retain complete control over all major company decisions. SpaceX has adopted a dual-class share model. Under this model, Musk’s Class B shares carry a vote 10 times that of a typical Class A share. This will ensure Musk’s sole control of approximately 85 percent of the company’s voting rights.
Started in 2002
Elon Musk founded SpaceX in 2002. Today, the company has become the world’s largest space company, thanks to its reusable Falcon 9 rocket, Dragon spacecraft, and Starship launch program. Furthermore, the company’s satellite internet service, Starlink, is rapidly expanding worldwide. Market experts believe that following SpaceX’s meteoric success, many other major technology companies may launch their IPOs in the coming months.
