SpaceX, the rocket maker founded by Elon Musk, has gone public with a successful initial public offering (IPO) that has made Musk the world’s first trillionaire. The company’s stock opened 11% higher at $150 a share, giving it a market value of $1.96 trillion.

SpaceX’s Ambitions

Musk has stated that the company needs the funds from the IPO to support its ambitious plans, including putting satellites and data centers in space and establishing a human colony on Mars. Despite the company’s significant losses, investors are betting on its potential for growth and innovation.

SpaceX is the first of three ‘megacap’ companies expected to go public this year, with Anthropic and OpenAI to follow. The company’s IPO has raised $75 billion, making it the largest in history.

Not all investors are thrilled about SpaceX’s IPO, with some expressing concerns about the company’s governance structure and the amount of power held by Musk. However, the company’s successful IPO is seen as a significant milestone in the development of the private space industry.

Original reporting: NBC Connecticut — read the source article.