SpaceX IPO debuts in US markets, Musk becomes world's first trillionaire

SpaceX IPO debuts in US markets, Musk becomes world's first trillionaire SpaceX has debuted on US markets with a market valuation of more than $2 trillion, minting CEO Elon Musk as the world's first trillionaire. Shares opened on Friday at $150 per share, marking a 11 percent increase from the initial public offering (IPO) price of $135, valuing the company at $1.96 trillion and putting the aerospace company on track to become the sixth-largest company in the United States. The company sold $75bn in shares, immediately valuing it at $1.77 trillion. The IPO was oversubscribed four times higher than was otherwise expected, according to the Reuters news agency. Of the institutional investors allocated, according to Bloomberg News, as much as 70 percent went to what are called long-only investments -- a strategy in which holders buy assets based on the expectation that their value will grow over time -- and sovereign wealth funds, including those from Saudi Arabia and Kuwait as well.