SpaceX has completed what the article describes as the largest offering in history, raising $85.7 billion after underwriters exercised an option to increase the allocation. The demand was extraordinary, especially from retail investors among Musk’s fan base, who submitted $100 billion in orders, about four times the amount available to them. The hype was so intense that Nasdaq changed its rules at the last minute and allowed SpaceX to be included in its exchange-traded funds immediately, without the usual waiting period. That created a large wave of passive money flowing into the company right away.
The offering pushed Elon Musk past another historic milestone, making him the first person ever worth a trillion dollars. His net worth is now said to exceed the combined wealth of the four billionaires behind him, including Jeff Bezos, Larry Ellison and Google’s founders, and is also larger than Israel’s expected annual GDP of $720 billion this year. Musk now runs two companies, SpaceX and Tesla, that are both in the global top 10 by market value, a situation the article calls unprecedented in economic history.
The gains were not limited to Musk. Employees, from welders to cafeteria workers, became millionaires and in some cases billionaires. His longtime associates also benefited sharply: Peter Thiel’s early SpaceX investment is now worth $50 billion, Antonio Gracias’s Valor fund has reached $60 billion, and Andreessen Horowitz recorded the biggest return in its history with a $10 billion stake. Gracias is described as a close friend who once helped Musk in 2008 with a short-term $1 million loan when SpaceX was short of cash.
Despite the market euphoria, the company’s financials remain modest relative to its valuation. SpaceX’s empire is split into three parts, space, Starlink and the AI company xAI, into which Twitter was merged. For 2025, the company is projected to generate $18.7 billion in revenue and post a total loss of $5 billion. The only profitable division today is Starlink, with $11.4 billion in revenue and $4.4 billion in net profit.
The justification for the trillion-dollar valuation is a massive future market, which Musk puts at $28.5 trillion in the offering prospectus. Although the official base is space, the article says AI is the real driver now: the prospectus mentions AI 1,251 times, compared with only 10 references to spiritual consciousness. As part of that push, SpaceX bought Cursor, a leading AI coding company, in a $60 billion stock deal intended to move into enterprise AI and hurt Anthropic, whose models had powered Cursor. Google is also tied into the story, having agreed to pay nearly $1 billion a month, about $30 billion total, for xAI server capacity, while benefiting from its own SpaceX holdings.
