Elon Musk, One Step Away From Becoming History's First Trillionaire: SpaceX's Record IPO

By Juan Carlos Carvallo — June 12, 2026

A note on language before the numbers: in Spanish, this milestone reads "el primer billonario" — a Spanish billón is a million millions, the English trillion. Elon Musk is on the verge of becoming history's first trillionaire, and the catalyst is the largest Initial Public Offering ever completed.

The biggest IPO of all time

On June 11, 2026, SpaceX raised $75 billion by pricing 555.6 million shares at $135 each. With the over-allotment option for an additional 83.3 million shares, the deal could reach roughly $86 billion. The stock debuts this Friday on Nasdaq and Nasdaq Texas under the ticker SPCX.

For perspective: the IPO more than doubles the previous record set by Saudi Aramco ($29.4 billion in 2019). At the offering price, SpaceX carries a market value of $1.77 trillion — approximately $1.8 trillion fully diluted — placing it among the ten largest public companies in the world, larger even than Tesla.

Demand exceeded the available shares more than fourfold. Musk's loyal retail investor base placed over $100 billion in orders, against the 20% of shares that had been reserved for them.

Musk's fortune

According to the Bloomberg Billionaires Index, Musk's stake in SpaceX (including options) is worth about $688 billion at the IPO price. His net worth jumps roughly $275 billion to nearly $970 billion — at the edge of the trillion mark. A strong showing in the first trading sessions could officially push him across it.

Musk controls 84% of the voting power post-IPO (excluding the over-allotment) and cannot sell shares during the first year of trading. The company's governance effectively lets him choose the board: only he can remove himself as CEO.

And there is more at stake. Musk could receive up to 1.3 billion additional Class B shares, contingent on extraordinary milestones: a market capitalization of $7.5 trillion, non-Earth-based data centers capable of delivering 100 terawatts of computing power per year, and a permanent human colony on Mars with at least one million inhabitants.

From rockets to AI infrastructure

The valuation reflects an accelerated transformation. In six months, SpaceX went from launch and satellite broadband leader (Starlink) to aspiring artificial intelligence giant. After absorbing xAI in February — a deal that lifted the combined private valuation to $1.25 trillion — its computing infrastructure contracts with Anthropic and Google, worth up to $2.17 billion per month, are on track to become its largest source of revenue.

The underwriting banks — Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan, joined by 18 more institutions — back the thesis with aggressive revenue projections toward 2028-2030, with the AI business as the central growth engine.

The other side: legitimate skepticism

The company projects a total addressable market (TAM) in AI of $26.5 trillion, but much of that plan rests on technology that either doesn't exist yet or hasn't been tried at scale. Short-seller James Chanos summed it up bluntly: it's a "hopes-and-dreams IPO," where the addressable market for space is infinite because any narrative — colonies on Mars, factories on the moon, orbital data centers — can be used to justify the valuation.

Nor is SpaceX alone: it competes with Anthropic and OpenAI, whose chatbots enjoy broader adoption than Grok, and both could go public this very year seeking valuations above $1 trillion. The flood of new paper — on top of Alphabet's $85 billion equity offering — opens a real debate over whether there is enough investor demand to absorb so much supply.

Takeaways for investors

This IPO marks the start of an era in which the convergence of space, AI and energy redefines entire industries, and it will serve as the barometer for the Anthropic and OpenAI listings. But two things should be kept separate: Musk's historic execution — he has built two giants and generated extraordinary returns — and a valuation that discounts decades of growth on unproven technologies.

For clients with an appetite for disruptive technology, exposure to this theme must be sized with discipline: positions consistent with one's risk profile, a long horizon, and tolerance for extreme volatility.

Is SpaceX the investment of the century or a bubble fueled by AI enthusiasm? The answer probably lies in position sizing, not in a binary call. Contact me if you'd like to discuss how to incorporate these themes into your portfolio.

Article based on Bloomberg reporting. Data as of June 12, 2026. This content is for informational purposes only and does not constitute investment advice. The valuations and projections mentioned are aspirational and carry significant risks of volatility, technological execution, and regulation. Consult your financial advisor before making investment decisions.