Elon Musk’s SpaceX opened at $135 a share on Friday, quickly climbing near $173 and pushing the market value past $2.2 trillion. The surge made Musk, who holds roughly 6.4 billion shares, the world’s first trillionaire. Investors rushed in, but the debut sold only about 4% of the company, underscoring a highly concentrated float.

The offering raised $75 billion, the largest IPO ever, yet the firm posted a $4.9 billion loss last year despite $18.7 billion in revenue. Growth in AI and Starlink drives spending, while profitability remains distant. Wall Street’s appetite for such loss‑heavy tech may signal a shift back to growth‑first valuations.

Analysts watch closely as AI peers Anthropic and OpenAI plan their own listings. SpaceX’s price action will test whether investors will fund similarly unprofitable ventures. The immediate market reaction suggests enthusiasm, but the long‑term trend will hinge on whether the hype can translate into sustainable earnings.