SpaceX completed the largest initial public offering in history on Friday, raising $75 billion and sending its shares up roughly 20 percent on their first day of trading, according to reporting by the Wall Street Journal, Bloomberg, and CNBC.
Shares of the rocket and satellite company, trading under the ticker SPCX, closed near $161. The debut pushed the personal fortune of chief executive Elon Musk past the $1 trillion mark, making him the first individual in history to reach that threshold.
The offering eclipsed all previous IPO records. For comparison, Saudi Aramco raised approximately $25.6 billion in its 2019 offering, which had been considered the largest on record.
SpaceX has grown far beyond its origins as a rocket launch company. It now operates the Starlink satellite internet network, which serves millions of customers worldwide and has become a major revenue driver for the company. Starlink's consistent cash flow was widely cited by analysts as a key factor in drawing institutional investor demand ahead of the offering.
The listing gives public shareholders a stake in a company that has won billions in contracts from NASA and the U.S. Department of Defense and that has positioned itself as the dominant force in commercial spaceflight. The company has launched more rockets than any other entity in history and holds contracts to return astronauts to the moon under NASA's Artemis program.
The IPO had been anticipated for years. Musk previously said SpaceX would not go public until Starlink was generating stable profits. Friday's debut suggests the company and its backers decided that threshold had been met.
No further details about the offering terms or the breakdown of shares sold were available from the sources at the time of publication.
