SpaceX scripted history on Friday, June 12 as Elon Musk's rocket and satellite company debuted on Nasdaq following the world's largest IPO. The stock was listed at $150, a premium of 11.11 per cent over the issue price $135. As of the listing price, valuation on the SpaceX soared to $1.96 trillion mark, with Musk's wealth hitting $1 trillion mark. However, the stock gyrated in $150-$163 range, as per Nasdaq data.

SpaceX priced what is set to be the world’s biggest IPO, raising a record $75 billion and valuing the company at $1.77 trillion ahead of its Nasdaq debut under the ticker SPCX on Friday. The sale tops the previous record set by Saudi Aramco, which raised $25.6 billion in Riyadh in December 2019.

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The listing makes chief executive Elon Musk the world’s first trillionaire, according to the figures in the offering. Musk owns 49 per cent of SpaceX, a stake worth about $866 billion, and retains 82 per cent of the company’s voting power after the IPO. Along with Tesla and his other assets, his net worth is set to exceed $1.1 trillion when trading begins.

SpaceX sold 555.56 million shares in the offer and set aside 30 per cent of them for retail buyers. When trading starts, the company is expected to rank seventh among US-listed firms. Bloomberg reported, citing people familiar with the matter, that retail investors had placed orders worth more than $100 billion for SpaceX shares ahead of the offering.

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The company posted a loss of nearly $5 billion last year and generated only a fraction of the revenue brought in by similarly valued technology giants. Even so, investor expectations are high before the listing, and the stock’s first-day performance is expected to draw close attention.

Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate products and services built on cutting-edge technologies, including the world's most advanced rockets and spacecraft.

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SpaceX, which aims to put AI data centres in space, said its addressable market stands at $28.5 trillion. That includes an $870 billion market for its broadband business, $740 billion for Starlink’s mobile unit, $600 billion for X’s digital advertising, $2.4 trillion for AI infrastructure and $22.7 trillion for enterprise applications.

Musk’s 82 per cent voting stake gives him far greater control than he had at Tesla, where he has faced shareholder lawsuits mainly linked to his pay package. With a record-breaking $75 billion raise, a $1.77 trillion valuation and heavy demand from retail investors, SpaceX’s has paved its way in the history.