Elon Musk becomes the world's first trillionaire following the SpaceX IPO

Elon Musk's SpaceX started trading at $150 a share on Friday, above its listing price of $135 a share, making it the world's first to pursue an IPO.

The rocket and satellite company raised a record $75 billion, valuing the company at about $1.8 trillion, pushing the value of Musk's stake in SpaceX to $690 billion. The company trades on the Nasdaq under the ticker “SPCX” after pricing its IPO on Thursday.

Combined with his holdings in electric car maker Tesla, as well as other investments and assets, Musk's net worth is now estimated at $1.1 trillion.

SpaceX stock jumped after it began trading, rising to $168.75 a share before paring some of those gains to trade around $158 a share and then back to $164 a share.

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Investor demand for SpaceX has been intense. Reuters reported this week that the company attracted more than $250 billion in orders, and Bloomberg News reported Thursday that retail investors alone sent more than $70 billion in share requests.

The company is expected to allocate at least 20% of the offering to retail investors, according to Bloomberg – an unusually large portion for individual investors in a deal of this size.

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SpaceX's IPO raised $75 billion and was the largest IPO in history, surpassing Saudi Aramco's $29 billion IPO in 2019.

The IPO solidified Musk's status as the world's richest person, pushing his net worth to $1 trillion, a milestone no one else has reached before.

SpaceX has grown to become the largest space company in the world. (AFP via Getty Images)

Founded by Musk in 2002, SpaceX has grown to become the world's largest space company and has a strong presence in commercial launch services. The company pioneered reusable rocket technology, helping to reduce launch costs and reshape the economics of the space industry. It is also a key contractor for NASA and the US government for public and national security operations.

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Starlink, SpaceX's satellite internet business, has emerged as a major growth engine, providing broadband connectivity to consumers, businesses and governments around the world. According to the company's IPO filing, Starlink generated most of SpaceX's $18.67 billion in revenue last year.

The public debut has long been ranked among Wall Street's most anticipated offerings. SpaceX has spent years as one of the world's most valuable private companies, with investors eager to buy shares in the business.

SpaceX is a leading provider of commercial space launch services. (Joe Skipper/Reuters)

According to the IPO filing, SpaceX will maintain a two-tier share structure that leaves control firmly in Musk's hands. Class B shares will carry 10 votes each, while publicly traded Class A shares will carry one vote each. Musk is expected to retain approximately 85% of the company's voting power following the offering.

Some 4,400 current and former SpaceX employees also stand to become millionaires with stock compensation accumulated during their time at the company, according to the New York Times, citing an analysis by investment platform Hill.com.

SpaceX CFO Bret Johnsen, center left, and President Gwynne Shotwell, center, during the company's IPO on the Nasdaq MarketSite. (Michael Nagle/Bloomberg via Getty Images)

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If the shares trade above their offer price following Friday's initial public offering, SpaceX's value could rise even higher, potentially pushing Musk's profits past the billion-dollar mark while rewarding the thousands of employees and investors who supported the company during its rise.

This is a developing story. Please check back for updates.

Reuters contributed to this report.