SpaceX kicked off trading Friday today, raising roughly $75 billion in what the Financial Times calls the world’s largest IPO. The offering priced shares at $135, valuing the rocket and AI firm at $1.8 trillion and positioning Elon Musk’s stake near the trillion‑dollar threshold. The debut shatters previous public‑market records and inserts the company into the exclusive trillion‑cap club.

Musk’s paper fortune jumps to about $970 billion, with a modest rise in share price enough to push him into trillion‑dollar territory. Early trading shows a perpetual futures proxy at $175, well above the IPO price, suggesting strong demand. Major investors such as Antonio Gracias, Founders Fund, Andreessen Horowitz and Sequoia see stakes now worth tens of billions, creating a new class of ultra‑wealthy shareholders.

Analysts warn the influx could siphon significant capital from existing S&P 500 holdings, prompting index rebalancing and retail investors to sell legacy positions. JPMorgan, an underwriter, notes the trade‑off between financing the offering and stretching other asset classes. Regardless of price volatility, SpaceX’s rapid inclusion in Nasdaq 100 and eventual S&P 500 entry guarantees its presence in millions of portfolios, reshaping market composition.