Musk’s Wealth Soars to $970 Billion!

Space Exploration Technologies Corp. (SpaceX) -- the Elon Musk-led rocket and satellite company -- has priced its blockbuster initial public offering (IPO), pushing Musk’s net worth to nearly $970 billion and bringing him closer to becoming the world’s first trillionaire, as per multiple reports.

Reports claim that SpaceX priced its shares at $135 apiece, raising about $75 billion in what is being billed as the largest IPO in history and valuing the company at around $1.77 trillion.

The company is expected to begin trading on Nasdaq under the ticker symbol ‘SPCX’.

The IPO pricing is estimated to add roughly $275 billion to Musk’s wealth, taking his net worth to around $970 billion. Musk’s SpaceX holdings, including options, are valued at approximately $688 billion at the IPO price.

Regulatory filings showed that Musk beneficially owns 849.49 million Class A shares and 5.57 billion Class B shares as of May 1, representing a combined holding of around 6.42 billion shares across both classes.

Before completion of the offering, Musk controls about 85 per cent of the company’s voting power through SpaceX’s dual-class structure, under which Class B shares carry ten votes each compared with one vote for each Class A share.

The filing also disclosed major insider holdings across the company’s leadership and board.

Founded by Musk in 2002, SpaceX has become one of the world’s most prominent aerospace companies through its Falcon 9 and Falcon Heavy reusable rockets, Dragon spacecraft and Starship launch programme.

The company has also expanded through its satellite internet business, Starlink.

The listing is expected to mark a watershed moment for public markets and could trigger a fresh wave of mega technology IPOs in the coming months.