SpaceX's IPO raised a staggering $75 billion, more than doubling the previous record held by Saudi Aramco. This massive influx of capital has propelled Musk's net worth to over $1 trillion, making him the first trillionaire. The IPO's success has sparked discussions about wealth inequality, with critics like Senator Bernie Sanders highlighting the disparity in wealth amidst rising inflation.
Despite the excitement, some investors, including Anders Schelde from AkademikerPension, have expressed concerns over SpaceX's governance and valuation, indicating that they cannot justify investing at current levels. The trading volume for SpaceX shares has been historic, surpassing that of major ETFs and other tech companies, with $85 billion traded on its first day alone.
SpaceX's market cap briefly exceeded that of Amazon, although its revenue remains significantly lower than that of the e-commerce giant. Additionally, SpaceX announced a $60 billion acquisition of AI startup Cursor shortly after its IPO, marking one of the largest tech acquisitions in history.
This acquisition, along with its previous merger with xAI, positions SpaceX as a major player in the tech sector, despite its ongoing financial losses