Elon Musk has officially become the world’s first billionaire after shares of his space technology company SpaceX soared 30 percent on the first day of trading after its IPO.
The newly minted billionaire joined the solo boys’ club after SpaceX debuted at the highest IPO valuation in corporate history.
The tech giant began trading under the symbol SPCX with an initial price of $150 per share, an 11 percent gain over the IPO price of $135 per share.
However, shares rose during midday trading as investors noted gains after the price rose to $175 per share.
Musk owns a 42 percent stake in a reusable rocket manufacturing company and 717 million Tesla shares.
Combined estimates of his stake in SpaceX and Tesla put his net worth at approximately $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 technology giant intends to expand the constellation by sending another 1,000 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 sustained profitability in its capital-intensive space exploration projects.
