Image source, Getty Images

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.

Image source, AFP via Getty Images

Image source, Getty Images

Image source, EPA/Shutterstock

Daniel Thomas
Business reporter

As we've been reporting, if share sales in SpaceX reach or exceed the company's suggested price of $135 (£100), founder Elon Musk will become the world's first trillionaire. Let's breakdown what this means:

A trillion is a thousand billion. That's a one followed by 12 zeros. 1,000,000,000,000.

But how does this unimaginable sum compare with some real life things we actually know the value of?

To put it into context, the personal wealth of King Charles is thought to be less than $1bn (£740m), while the world’s most valuable sports team, the Dallas Cowboys, is estimated to be worth $13bn, and the ride-hailing giant Uber has a market value of about $142bn.

It would take the average US worker 16.3 million years to earn £1tn.

$1tn is roughly the value of the entire Swiss economy.

Michelle Fleury
New York business correspondent, reporting from Times Square

Times Square was packed this morning - not for a Knicks viewing party, but for SpaceX's stock market debut.

Ahead of the opening bell, a live video feed of founder Elon Musk was projected onto the exterior of the Nasdaq building, where shares are set to begin trading under the ticker symbol SPCX.

Music blasted across the square. And fittingly, the soundtrack was Elton John's Rocket Man.

Now, all eyes are on the first trade. That's when we'll find out whether investors think this stock is truly out of this world.

Michael Race
Business and economics reporter

Image source, EPA/Shutterstock

SpaceX's listing on the technology-focused Nasdaq index is a test case in the valuation of artificial intelligence (AI) companies going public and will be closely watched by rivals.

Musk's company is the first of three AI-related mega-listings expected this year, with OpenAI and Anthropic set to follow suit.

The quantities of cash being piled into AI companies in recent years - which have posted heavy losses to date - has led to some claims companies are being overvalued and that there is an a "AI bubble", which could burst.

Such a financial earthquake would send ripples across the world, rocking stock markets and bankrupting companies.

The Bank of England has sounded alarm over a "sharp correction" in the value of AI companies, while Jamie Dimon, boss of US bank JP Morgan, has admitted some of the money being invested in AI will "probably be lost".

But a big part of the demand for SpaceX shares will be investors not wanting to miss out on the potential riches AI could bring. It's a bet on what the companies plan and could achieve and how their technology could be developed in the future.

Archie Mitchell
Business reporter

Image source, Reuters

Elon Musk’s SpaceX is expected to begin trading on the Nasdaq stock exchange at $171 per share, significantly higher than its $135 per share initial offering price.

The increase, driven by bumper demand for exposure to the space and AI company, would give it a market value of $2.2tn, and comfortably cement Musk’s position as the world’s first trillionaire.

The share price expectation was reported by Reuters.

Lucy Hooker
Business reporter

Image source, AFP via Getty Images

Anyone trying to predict the future path of SpaceX shares – whether up or down - has a huge range of conflicting forces to consider.

Musk’s celebrity status, and loyal online following, not to mention the hoopla around the sheer size of this IPO, is likely to boost demand for the shares.

But Musk’s notoriety, his sometimes erratic behaviour and controversial public statements, also carry some risk, especially as the way voting rights are distributed, means he remains in firm control.

The scale of ambition – putting a million people on Mars – and the range of activities, from re-usable rockets to AI data-centres on satellites – will attract some investors.

But there is plenty of scepticism too: are these plans realistic?

To top it all, SpaceX isn’t currently making a profit. And the IPO prospectus admits it "may not achieve profitability in the future".

Image source, Reuters

Moments before SpaceX began trading in New York, founder and CEO Elon Musk had opening remarks from the company's base in Texas.

"It is certainly hard to believe a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever," Musk says.

"I gave SpaceX less than a 10% chance of succeeding at all," he adds.

He reiterated the company's vision of human life in space.

"We want to be able take anyone who wants to go to the Moon, anyone who wants to go to Mars, or anywhere in the solar system... I am confident at this point that with the incredible team that we have here at SpaceX that we will do that for you."

Musk pushed the button to officially begin trading from Texas, which was followed by confetti and a loop of Elton John's 1972 song "Rocket Man" playing in the background.