SpaceX (Space Exploration Technologies Corp.), an American aerospace, telecommunications, and artificial intelligence company, has executed the largest initial public offering (IPO) in Wall Street history.
The company has been officially listed on the Nasdaq exchange under the ticker symbol SPCX, with an unprecedented debut valuation of $1.77 trillion with shares priced at $135 each.
Surprisingly, the shares started trading at $150 (£112) shortly before noon eastern time and quickly jumped to $160. This has made founder Elon Musk the world's first trillionaire. Elon Musk founded the company in 2022, and this IPO is after nearly twenty-four years as a private entity.
Elon Musk's net worth reaches $1 trillion following SpaceX IPO
Today, Elon Musk emerged as the world's first trillionaire as SpaceX shares began trading. Following the start of the trade at $150 (£112) shortly before noon Eastern Time, SpaceX stock rises more than 20 percentage points. However, this doesn't make SpaceX profitable in a real sense. Investors are just pumping money into the company because they are betting on its potential to dominate the multi-trillion-dollar space economy.
In 2025, the company lost $4.9 billion and relies on revenue generated by Starlink, its satellite internet business (which is 61%), to fund its capital-intensive projects. In the same year, the company's AI division, xAI, also recorded an operating loss of $6.4 billion.
Elon Musk said that SpaceX needs financial securities to fund its project of installing satellites and data centres in space, which is the major reason why the company goes public. He eventually wants to build a colony of people on Mars. "Not just a few astronauts; I mean literally you," Musk said.
However, this IPO serves as a big opportunity for certain investors and actual employees, namely because SpaceX gives company stock. The listing is expected to mint over 4,000 current and former employees into wealthy individuals, with an estimated 400 projected to hold stakes worth $100 million or more. In fact, everyday employees like technicians and welders who held onto their shares stand to gain a big payoff after years of smaller pay cheques.
Details about the IPO
The IPO was marked by a concurrent opening bell ceremony at the Nasdaq MarketSite in Times Square by SpaceX Chief Operating Officer Gwynne Shotwell and at the company's Starbase facility in Texas by Musk, who controls more than 80% of the company.
Driven by robust institutional interest and an acquisition of the AI startup xAI, the offering drew a staggering $250 billion in investor demand, representing an oversubscription rate nearly four times the planned $75 billion capital raise.
In tandem with the SpaceX global listing, Raenest, the international money platform helping Africans participate in the global economy, is set to make Elon Musk's company's shares available to Nigerian retail investors directly through its mobile platform from day one of public trading. However, this is subject to regulatory clearance, according to The Condia.
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Raenest to offer SpaceX Shares
Raenest is one of the best investment platforms in Nigeria that provides access to US-listed securities and fractional investing. The platform offers investments from as little as $2 and one commission-free stock trade every month. Due to these offerings, eligible users can participate in SpaceX Shares.
However, it's important to note that the share price (of $135) is costly for many Nigerians living below the country’s minimum wage (of $47). Even those that have the financial power to invest in the stock have limited slots. So, it's important to take the advantages of platforms offering frictional investments, currency conversion, and foreign investments.
Notably, Raenest is integrating this high-profile equity offering into its existing suite of over 4,000 U.S. stocks and exchange-traded funds (ETFs). The company has the ability to offer fractional shares to Nigerians through a partnership with City Investment Capital Limited.
City Investment Capital Limited is a company licensed by the Securities and Exchange Commission (SEC) of Nigeria and compliant with Central Bank of Nigeria (CBN) regulations as an International Money Transfer Operator (IMTO).
Raenest accommodates local financial realities by allowing investors to fund their specialised trading wallets seamlessly using multiple currency balances, including Nigerian Naira (NGN), United States Dollars (USD), British Pounds (GBP), and Euros (EUR).
Furthermore, Nigerians accepted Starlink—the SpaceX internet-providing company—and the company has emerged to become the second-leading internet service provider (ISP) in the country. However, this IPO will allow local consumers to transition from merely paying for a utility to directly owning equity in the global enterprise powering their digital infrastructure.
