Elon Musk has reportedly become the world’s first trillionaire after SpaceX officially priced what is being described as the largest IPO in history.
SpaceX priced its public offering on Thursday ahead of its expected Nasdaq debut on Friday, June 12.
The company sold 555.6 million shares at $135 each, raising $75 billion and valuing the aerospace company at approximately $1.77 trillion.
According to Reuters, the valuation boost pushed Musk’s fortune beyond the $1 trillion mark for the first time.
For years, analysts and wealth trackers believed Musk could eventually become the world’s first trillionaire, though many expected the milestone would only happen after SpaceX began publicly trading.
The report said the IPO was more than four times oversubscribed, with retail investors reportedly placing more than $100 billion in orders.
Asset management giant BlackRock also reportedly sought at least $5 billion worth of shares.
SpaceX has become one of the world’s most valuable private companies through its rocket launches, Starlink satellite internet business and artificial intelligence ambitions.
The official trading debut for SpaceX shares is expected on Friday under the ticker symbol “SPCX”.
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