SpaceX experienced a significant rise in its share price following its record-breaking initial public offering (IPO). After surging on its market debut on Friday, the shares continued to increase on Monday.

On Monday, SpaceX, known for its pioneering rockets and artificial intelligence ventures, saw a 6% rise in early trading. This was an addition to the 20% increase it experienced during the trading hours on Friday.

The rise in share price has placed Elon Musk, founder of SpaceX, as the world’s first trillionaire. This milestone eased concerns on Wall Street regarding the company’s high valuation.

SpaceX’s IPO raised $75 billion, valuing the company at $1.77 trillion. This marked the largest IPO on record, surpassing the previous record held by Saudi Aramco, which raised over $29 billion in 2019.

Following this increase, SpaceX’s market value exceeded $2.2 trillion. This sets a high bar for other tech giants like Anthropic and OpenAI, each planning to go public with anticipated valuations nearing $1 trillion.

SpaceX’s achievement in the space industry, characterized by reusable rockets and Starlink, its satellite internet service, has been transformative. Earlier this year, SpaceX acquired Musk’s AI company, xAI, which also included the social media platform, X. This move was part of a strategy to consolidate Musk’s business operations.

This merger provided a financial boost to xAI, which had previously encountered financial challenges while trying to keep up with competitors.

Previously considered financially opaque, SpaceX disclosed its financial status ahead of its IPO. The company reported a loss of over $4.9 billion last year due to higher expenditures on AI, compared to a profit of $791 million in 2024. However, revenue increased by 33% from the previous year, reaching $18.7 billion.

Lauren McCarthy, a reporter for The Times’s Investigations team, contributes to coverage on breaking news and related topics.