Elon Musk could become the world's first trillionaire when he takes his rocket company SpaceX public on Friday. This was reported by Qazaqyia.kz citing Associated Press.
According to Forbes, Musk's net worth stands at $982.6 billion ahead of the IPO. The company plans to raise $75 billion by selling 555.6 million shares, easily topping the current record holder, Saudi Aramco, which raised $26 billion in its 2019 IPO.
SpaceX's losses are as big as its ambitions: from the start of 2025 to March 31, 2026, the company lost $8.7 billion. However, investors are betting on Musk's track record of success, including reusable rockets and making electric vehicles cool through Tesla.
Musk's wealth is largely tied to Tesla stock, which has returned 20,000% to shareholders since its 2010 IPO. SpaceX is one of three major IPOs expected this year, followed by Anthropic and OpenAI.
Some investors are concerned about SpaceX entering index funds. Officials from pension funds for firefighters, teachers, and other workers in California and New York sent a letter to SpaceX criticizing the "super voting shares" and Musk's outsized control.