Lily Jamali
North America Technology Correspondent

Image source, Getty Images

Many Americans will be exposed to SpaceX stock – whether they like it or not. That exposure will likely come primarily from their 401(k) retirement accounts.

These accounts are often made up of diversified funds. With recent changes by the Nasdaq-100 allowing SpaceX to be included much sooner than would have been the case in the past, there could be roughly $20bn in demand from passive funds, according to Bloomberg Intelligence.

That’s worrisome to some given the reviews of SpaceX’s financials, including its string of non-profitable quarters.

And then there’s its claimed “TAM” - or “total addressable market” - whereby the company estimates the size of the market it could one day capture. SpaceX says its TAM is $28.5tn, just a few trillion shy of US GDP last year.

A big chunk of that comes from SpaceX’s volatile artificial intelligence business. To date, the AI segment has been a money loser.

NYU valuation expert Aswath Damodaran has said SpaceX's TAM “borders on fantasy".

We are one hour away from the close of trading at the Nasdaq Stock Exchange in New York.

Regular trading ends at 16:00 EDT (21:00 BST) bringing an end to SpaceX's first day of public trading.

Stay with us as we bring you coverage of the final hour of trading with a keen eye on the closing price for the week.

Currently the share price sits at just over $168 having peaked earlier at $176.

Pallab Ghosh
Science correspondent

Image source, Getty Images

Though SpaceX handles many parts of Musk's business empire, one of the divisions it is most famous for is its Mars ambitions. Now that the company has gone public, how far away is that dream really?

The Star Ship Enterprise’s mission, from the Star Trek franchise, was “to boldly go where no one has gone before”. Not to be outshone, Elon Musk has if anything raised the ambition for SpaceX a tad: "to extend the light of consciousness to the stars".

The starting point is to build lunar bases and ultimately colonise Mars. But how realistic is this?

On the plus column: SpaceX launches the large majority of objects reaching orbit, has re-flown its Falcon 9 boosters dozens of times each, and maintains a success rate above 99%. This is a genuine revolution in cheap, reliable access to low-Earth orbit.

On the minus column is Starship. It is the firm's newest and most powerful rocket, and its retro 1950s look deserves to deliver on its science-fiction promise.

But there have been only around a dozen tests of the vehicle on which the firm’s dreams rest. None of them have been an orbital flight around the Earth. Musk's stated plan is for uncrewed Starships to head for Mars sometime between 2026 and 2028, with crews to follow later.

Few independent experts believe that a 2026 Mars mission is credible given the fact that the rocket is still being tested.

Kali Hays
US technology reporter

Image source, Reuters

There are signs that stock market investors have been selling their shares of major tech companies like Amazon, Apple, Meta, Microsoft, and even Tesla, in order to buy shares of SpaceX.

Samuel Kerr, who leads equity capital markets research for Mergermarket, told the BBC there had been noticeable selling in large tech companies as SpaceX was marketing and pricing its IPO.

"That would indicate investors were selling out of liquid tech exposure, like the Mag 7 names, to make room for SpaceX," Kerr said.

Financial analysts use the term "Magnificent 7" as a reference to Alphabet (owner of Google), Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, which make up most of the world's most valuable companies.

On Friday, the price of shares for Tesla, Microsoft, Apple and Amazon had dipped down slightly, as shares of Meta, Alphabet and Nvidia remained relatively flat.

Image source, Getty Images

Elon Musk became the world's first trillionaire today, but he has previously insisted he leads a largely unglamorous lifestyle. Private planes and submarine cars aside.

While he used to own a real-estate portfolio which consisted of seven mansions with swimming pools, tennis courts and a ballroom, Musk had a 'change of heart' in 2020. He tweeted then that he "will own no house" and will be 'devoting' himself to 'Mars and Earth'.

In 2021, Musk tweeted that his "primary home" was a modest prefabricated house that cost him about $50,000 on the southern tip of Texas.

He does own a vast collection of private planes and unusual cars, including one car which transforms into a submarine.The 1976 Lotus Esprit driven by James Bond was featured in the 1977 film The Spy Who Loved Me.

If you want to know more about Musk and his journey to becoming the world's richest person, his story is featured in an episode of the BBC World Service podcast Good Bad Billionaire which you can listen to here.

Jemma Crew
Business reporter

Someone who bought 20 SpaceX shares (at the initial $135 each) in the IPO this week would have invested £2,013.

According to AJ Bell, the 11.1% jump in SpaceX's opening price to $150 means they've already made a £223 gain on paper.

They won’t receive any profit until they sell these shares, for more than they paid. The share price will change as trading continues.

In contrast, AJ Bell says it would take a saver with £2,013 in the bank two years to make the same return, based on a top savings account interest rate of 4.83%.

“The tens of thousands of retail investors who took the risk of buying shares in SpaceX’s IPO offer will be grinning like a Cheshire Cat," says Dan Coatsworth, the investment platform's head of markets.

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Democratic US Senator Elizabeth Warren has called for the implementation of a wealth tax following the news that Elon Musk has become the world's first trillionaire after SpaceX's stock market debut.

Writing on X, the Massachusetts senator says: "The typical American household would have to work more than 11 MILLION years to make Elon Musk's level of wealth. We need a wealth tax."

While Bernie Sanders, independent senator for Vermont, called for the US to "lift the cap on taxable income", stating that Musk "pays the same amount into social security as someone making $184,500".

"If we end that absurdity... we can make social security solvent for 75 years and expand benefits by $2,400," he posts on X.

• For context: In the US, no social security tax payments are made on income above $184,500 per year. There is no cap for income tax

Kali Hays
US technology reporter

Image source, NurPhoto via Getty Images

As the stock market seems to be getting more excited about SpaceX, sending shares of the company to $166 within its first hour of trading, shares of Tesla are dipping.

The electric car company's stock fell almost 2% after SpaceX hit the market.

However, shares of Tesla remain much more valuable than SpaceX, at just over $390 each.

Francisco Velasquez
Business reporter

Image source, Getty Images

Aside from the Wall Street buzz, this IPO stands to be a massive, life-changing lottery ticket for certain investors and actual employees, namely because SpaceX gives company stock.

The listing is expected to mint over 4,000 current and former employees into wealthy individuals, with an estimated 400 projected to hold stakes worth $100 million or more.

And it’s not just the top executives or engineers getting rich — everyday staff like welders, technicians, and even cafeteria workers who held onto their shares stand to gain a big payoff after years of smaller paychecks.

Pallab Ghosh
Science correspondent

SpaceX's rocket business lost money in 2025, posting a $657m operating loss on $4.1bn of revenue. And much of that revenue was, in effect, SpaceX paying itself.

The large majority of its Falcon 9 rocket flights last year carried the company's own Starlink satellites.

So when do Moon bases, Mars colonisation or asteroid mining start paying? SpaceX’s IPO prospectus doesn’t give a date.

But a peer-reviewed study in a journal of the International Academy of Astronautics, Acta Astronautica, has concluded that returning platinum to Earth "appears feasible only under unlikely circumstances", with profitability hinging on technologies not yet developed.

A separate analysis in the US scientific journal Proceedings of the National Academy of Sciences found that, while falling launch costs could eventually make space mining viable, business activity "remains limited at this point" and the economics depend on advances still to come.

The experts I speak to tell me that while the firm will get plenty of contracts from Nasa, commercial profit returned to Earth is realistically decades away and by no means certain.

Elon Musk's company SpaceX raised $75bn ahead of its initial public offering (IPO) this morning, overtaking the previous record held by oil giant Saudi Aramco, which opened at $25.6bn in 2019.

Below is a breakdown of SpaceX's current operations, along with what it hopes to achieve in the future.

Kali Hays
US technology reporter

Image source, Reuters

Given Musk's significant and controlling stock holding in SpaceX, headlines are flying that he is now the world's first trillionaire.

This is based on an estimate of his total net worth, which is almost entirely based on the value of stock he holds in Tesla, another company he controls, and now SpaceX.

While Musk is unfathomably wealthy, he does not have a bank account showing a balance of $1tn. And he cannot sell his shares in SpaceX for 366 days.

And in order to maintain his brand new status as a trillionaire, the price of SpaceX stock will need to stay high. If it falls below $138, he will again be considered a simple multi-billionaire.

Mark Broad
Business news editor

SpaceX shares have started trading on the Nasdaq stock exchange - opening up over 20% from its initial listing price of $135 a share.

Due to his holdings in the company Elon Musk is now a trillionaire, according to Bloomberg calculations.

Much of Musk's net worth is tied up in SpaceX stock - so his status as a trillionaire could be affected if SpaceX shares were to fall dramatically.

Equally if the SpaceX shares continue to rise so will Musk's net worth.

Michael Race
Business and economics reporter

Elon Musk is now known across the world for much more than being a tech pioneer who owns SpaceX and the electric car company Tesla.

Musk, who today became the first ever trillionaire, has a strong following, but has become a controversial figure. He has been described as both a mad genius and an internet troll who divides public opinion.

Since he bought Twitter, now called X, he has increasingly aired his views on US politics, but also other countries, including the UK.

This is a shift for Musk, who for a long time resisted efforts to label his politics until he endorsed Donald Trump for a second term in 2024 and became one of the campaign's foremost backers and influencers before the two fell out.

The tech tycoon has entered into UK political debates, particularly around immigration, making claims that have been heavily criticised by UK government ministers.

Michael Race
Business and economics reporter

And just like that, the launch of SpaceX shares has cemented Musk's status as the world's first trillionaire.

Image source, Reuters

Kali Hays
US technology reporter

Shares of SpaceX hit the open stock market just before noon eastern time, and immediately went for about $150 (£112) each.

The share price quickly increased to $160, and showed signs of ticking up after that.

At $160, shares are being sold at 18% more than the estimated listing price of $135 SpaceX shared on Thursday.

Michelle Fleury
New York business correspondent, reporting from Times Square

Some tourists visiting New York for the World Cup stopped in Times Square to take photos at the iconic landmark, only to find themselves in the middle of crowds gathered for SpaceX’s stock market debut.

Among those waiting were early investors in Elon Musk’s rocket company. Many declined to speak with reporters, but by the end of the day, they could be heading home significantly wealthier.

The flotation is expected to create over 4,000 new millionaires among SpaceX’s current and former employees

Archie Mitchell
Business reporter

The Nasdaq is currently trying to find a balance of investors wanting to buy and sell SpaceX shares before it officially begins trading - and we get a confirmed share price for the company.

But Samuel Kerr, global head of equity capital markets at Mergermarket, said the company’s value should jump at least 20% when it begins trading “due to the hype around the deal”.

“Anything lower would actually make me nervous,” he said. It could be midday ET (17:00 BST) before we see a value attached to the shares.

Reuters has reported the stock could open as high as $175 per share, but has now revised it down to $150, still significantly higher than its $135 offer price.

SpaceX founder Elon Musk said he gave the company "less than a 10% chance of succeeding at all" when it first started, and it is now going public "with the largest IPO ever".

Musk made the remarks from the company's headquarters in southern Texas before it officially began trading on the US stock exchange.

Company officials celebrated the ceremonial start of trading at twin ceremonies at the Nasdaq headquarters in New York City and from the Texas headquarters.

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