Elon Musk officially became the world’s first billionaire after shares of his space technology company SpaceX soared 30% on the first day of trading after its IPO.
The new billionaire joined the lonely man’s club after SpaceX launched the largest IPO valuation in the company’s history.
The tech giant began trading under the ticker SPCX with a starting price of $150 per share, an 11% gain from the IPO price of $135 per share.
However, the stock jumped midday as investors noted gains after the price climbed to $175 per share.
Musk owns a 42% stake in a reusable rocket manufacturing company and 717 million shares of Tesla stock.
Combined estimates of his stake in SpaceX and his holdings in Tesla place his net worth at around $1.15 trillion, based on market valuations.
Elon Musk revealed that SpaceX has been cash flow positive since 2015; However, the company’s only profitable business is its Starlink constellation. The California-based tech giant aims to expand the constellation by sending 1,000 additional satellites into low Earth orbit.
The satellite internet provider is active in 164 countries and reported Q1 2026 revenue of $4,694 million with adjusted EBITDA of $1,127 million. While SpaceX recorded a loss of $1.943 billion due to its spending on Starship.
It remains to be seen how SpaceX plans to achieve sustainable profitability in its capital-intensive space exploration projects.
