Elon Musk has reached a historic milestone as the world's first trillionaire following the public offering of his company, SpaceX. The company launched 555,555,555 shares priced at $135 each, successfully raising $75 billion and achieving a staggering market capitalization of $1.77 trillion. This remarkable feat positions SpaceX as the eighth most valuable publicly traded corporation globally.
Trading commenced on Nasdaq with SpaceX shares starting at $150 each, propelling Musk's net worth beyond the $1 trillion mark. If Musk were to spend $1 million daily, his wealth would sustain him for around 2,700 years.
Furthermore, SpaceX is being recognized as an AI entity, having integrated Musk's previous AI venture, xAI, which was merged with X to create the Grok chatbot. This strategic combination has significantly contributed to the company's inflated valuation. In 2025, Starlink satellite internet generated 61% of SpaceX's $18.7 billion revenue, while rocket launches contributed 13.2%. The AI segment, despite accounting for 17.4% of the revenue at $3.2 billion, incurred twice the expenses. During the first quarter, the AI division consumed three-quarters of SpaceX’s capital expenditures.
Currently, the company's price-to-sales ratio is nearing an astonishing 100x. For comparison, OpenAI and Anthropic report multiples around 40x and 30x, respectively, while Nvidia stands at about 23x. At the peak of the dot-com bubble in 2000, the average for companies going public was 48.9x, considerably lower than SpaceX's current figure.
Musk has also publicly expressed ambitions to establish millions of data centers in space, although he has quietly acknowledged the uncertainty surrounding the commercial viability of these technologies.
The question remains: Do you believe in SpaceX's valuation? Some view it as the startup of the century, while others see it as the scam of the century.
Informational material. 18+.
