NEW YORK - Shares in Elon Musk's SpaceX jumped as much as 30 percent on their trading debut Friday after the biggest IPO in history, making the polarizing entrepreneur the world's first trillionaire as he vowed to take humanity to Mars.
The blockbuster IPO raised $X billion, valuing the company at over $Y billion. Musk's stake in SpaceX, combined with his holdings in Tesla and other ventures, pushed his net worth above $1 trillion, according to the Bloomberg Billionaires Index.
Musk, 54, has long stated that his goal is to establish a self-sustaining city on Mars. The IPO proceeds are expected to fund the development of the Starship spacecraft, designed for interplanetary travel.
SpaceX's debut comes amid a surge in investor interest in space exploration, with the company already dominating the satellite launch market and providing crew transport to the International Space Station for NASA.
