New Delhi, June 12 (IANS) Space Exploration Technologies Corp. (SpaceX) officially began trading on the Nasdaq on Friday after completing a record-breaking $75 billion initial public offering (IPO), marking a historic moment for global capital markets and bringing founder Elon Musk closer to becoming the world’s first trillionaire.

The start of trading was marked by SpaceX executives ringing the opening bell at the Nasdaq stock exchange, while celebrations were also held at the company’s headquarters, where Musk and employees watched the landmark event unfold.

The Elon Musk-led aerospace and satellite company priced its shares at $135 apiece, valuing SpaceX at approximately $1.77 trillion in what is being described as the largest IPO in history. The company is trading under the ticker symbol ‘SPCX’.

The blockbuster listing has significantly boosted Musk’s fortune. According to reports, the IPO pricing lifted his net worth to around $970 billion.

Following the commencement of trading, estimates from Forbes placed Musk’s wealth at about $982.6 billion, meaning even a modest gain in SpaceX shares could push him past the $1 trillion mark and make him the world’s first trillionaire.

Regulatory filings show that Musk beneficially owns 849.49 million Class A shares and 5.57 billion Class B shares, representing a combined holding of around 6.42 billion shares.

Through SpaceX’s dual-class share structure, Musk retains approximately 85 per cent of the company’s voting power, with Class B shares carrying ten votes each compared to one vote per Class A share.

Founded in 2002, SpaceX has transformed the global space industry through the development of reusable Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the ambitious Starship programme aimed at deep-space exploration.

The company has also expanded rapidly through Starlink, its satellite internet business, which has become a major contributor to revenue growth and investor interest.

Market participants view the listing as a watershed moment for public markets, with analysts expecting the successful flotation to encourage other large technology and private companies to pursue public offerings in the coming months.

–IANS

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