Australia’s richest person buys $1B SpaceX stake after record IPO

Gina Rinehart, Australia’s wealthiest person, acquired a stake worth over $1 billion in SpaceX ↘3.56% through its record-setting IPO, according to The Wall Street Journal.wsj
SpaceX raised $75 billion in the largest IPO ever, with shares surging on their Nasdaq ↘1.26% debut Friday and pushing the company’s valuation past $2 trillion.reuters
The IPO made Elon Musk the world’s first trillionaire, combining his SpaceX stake with Tesla ↗1.04% holdings, according to Forbes.cbsnews

SpaceX IPO Makes Elon Musk the World’s First Trillionaire

Elon Musk crossed the trillionaire threshold on Friday after SpaceX’s historic stock market debut on the Nasdaq, capping the largest initial public offering in history and reshaping the global wealth landscape in a single trading session.

A Record-Shattering Debut

SpaceX priced its IPO at $135 per share on Thursday, raising approximately $75 billion by selling 556 million shares — more than doubling Saudi Aramco’s previous record of $29 billion set in 2019. Shares opened at $150 on Friday and surged throughout the day, closing at $160.95, a gain of roughly 19% from the offering price. The rally pushed SpaceX’s market capitalization to approximately $2.1 trillion, vaulting the company past Broadcom in value. Over 500 million shares changed hands in the session, and after-hours trading pushed the stock above $166.reuters

Musk owns about 4.8 billion shares, or roughly 42% of SpaceX, along with 350 million stock options exercisable at $8.39 per share, according to the company’s IPO filing. At Friday’s close, Forbes estimated Musk’s net worth at approximately $1.14 trillion, combining his SpaceX stake with Tesla holdings worth around $280 billion.cbsnews

Political Backlash and Wealth Tax Calls

The milestone drew swift criticism from progressive lawmakers. Senator Bernie Sanders and Senator Elizabeth Warren renewed their push for a wealth tax, with Forbes reporting that both blasted Musk’s trillionaire status on social media Friday. Sanders had previously introduced legislation — the Make Billionaires Pay Their Fair Share Act — that would impose a 5% annual tax on billionaires, projected to raise $4.4 trillion over a decade. Warren has long advocated for a 2% annual levy on fortunes exceeding $50 million.foxnews

Market Ripples and Big-Name Investors

CNBC’s Jim Cramer gave SpaceX a “ringing endorsement,” saying the debut could usher in a new wave of AI-focused public offerings. “Never has a single initial public offering captured the attention of Wall Street and possibly Main Street quite like Elon Musk’s SpaceX,” Cramer said.cnbc

Meanwhile, The Wall Street Journal reported Monday that Australian mining billionaire Gina Rinehart acquired a stake valued at more than $1 billion through the IPO. Hancock Prospecting, Rinehart’s firm, called it the company’s most substantial investment outside the iron ore sector, citing confidence in Musk and SpaceX’s long-term potential.wsj